Financial Commission Sample Clauses

Financial Commission. Within ninety (90) days of the signing of this Collective Agreement, the parties shall establish an agreed list of names of persons who shall be from outside the Carleton University community and from among whom these three (3) persons shall be chosen. Within thirty (30) days of a decision to establish a Financial Commission, the parties shall select three (3) persons to serve. In the event that the parties cannot agree upon three (3) persons to serve on the Commission, each party shall name one (1) person from outside the Carleton University community to serve and the two (2) persons from outside the Carleton University community so named shall choose a third from outside the Carleton University community who shall serve as Chairperson of the Commission. Failing agreement of the nominees to select a Chairperson within ten (10) days, the parties shall ask an arbitrator from the list of arbitrators agreed to by the parties and specified in Article 30.11 of the Collective Agreement to serve as Chairperson or, if he/she is unable to act, to appoint a Chairperson from outside the Carleton University Community. The Terms of Reference of the Financial Commission shall be: (i) to assess whether in the light of a full examination of Carleton University's financial situation the University has a financial emergency involving deficits which continue for more than one (1) financial year, which are projected by generally accepted accounting methods to continue, the persistence of which will seriously inhibit the functioning of the existing academic units; (ii) to assess whether in the light of the primacy of Carleton University's academic mission and in light of the Board's desire to preserve the academic integrity of the institution a decision to resolve a financial emergency through lay-offs of a member or members of the bargaining unit is reasonable; (iii) the Report of the Commission shall be advisory to the Board of Governors, and shall be submitted to the Board within seventy-five (75) working days of the first meeting of the Financial Commission, and shall be made immediately available by the Board to the Association and the Senate in the event that the Board declares that the state of financial stringency exists and/or initiates lay-offs of a member or members of the bargaining unit; (iv) the Commission shall have access to any and all data and documents which it deems relevant to its study, and shall have the power to call for submissions from any individuals...