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From the TNE site:
"The Society operated from 1870 to 1872 under the Skull & Bones Constitution, and existed happily as such as a chapter of that organization. It is not known what caused the break between Yale & Wesleyan; there are a number of possibilities, and a number of them may have contributed together to the separation. One of the most likely explanations is that Wesleyan sought to create more chapters, and Yale sought to stop the process. One thing is clear. Immediately after a constitution was adopted for the independent Theta Nu Epsilon in 1872, the first thing done was to issue a charter to a group of students at Syracuse. One can also note that the chartering process outlined in the constitution of 1872 was extremely short, and wholly under the control of the Alpha at Wesleyan."
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"T.N.E. is a sophomore class society, and in a traditional type chapter, members were chosen near the end of their freshman or start of their sophomore year. Once selected, the new members were active and responsible for operation of the chapter during their sophomore year. As juniors and seniors, they were considered honorary members and only had authority in an advisory role. The society always excluded freshmen. From the beginning, the identities of the sophomore members were kept secret. In yearbooks, the names of the sophomores appeared in code. The Alpha Chapter and legitimate chapters continue this traditional type. Several latter types of chapters developed over time: one type is that of the three-year society, adopted by chapters at many institutions without a class society system, a third type was as a feeder organization to a senior society, a fourth type was where the chapter acted as an interfraternity coordinating body, and a fifth type was as a wholly secret society, (which were usually chapters that had notorious reputations)."
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"Theta Nu Epsilon is simply a society dedicated to good fellowship and the exercise of those social practices that knit together succeeding generations and academic communities. Theta Nu Epsilon has no beliefs or credo, because it is not meant to supply the place of those institutions in society that do. Theta Nu Epsilon has no real or special secrets. Our initiation is challenging, dynamic, and possibly amusing, but it does not teach any truths any more significant, or any less so, than that one should be honorable, true to oneself, an upstanding member of the community, and should not forget to keep alive those social ties upon which we all must rely. Theta Nu Epsilon is not involved in any kind of political or social agenda. The Society can only exist as a point of union amongst its members if it remains a neutral ground of friendship, collegiality and nostalgic sentiment. Theta Nu Epsilon is designed for those who want more out of college, and who have more to give. Any attempt by anyone to pretend that Theta Nu Epsilon is anything more than this is a misrepresentation. Theta Nu Epsilon is not a cabal or a conspiracy, nor is it connected to any other organization, nor is it the tool or dupe of any conspiracy. Those who propagate such tall tales either, believe in such fantasies and are fools themselves, or they wish to make other people into fools and take advantage of them. Honesty and honor are the opposite of pretense."
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Theta Nu Epsilon