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Investment Clubs Manual025 - October 2008 10 The club shall...

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Unformatted text preview: October 2008 10. The club shall deal solely with investments on behalf of its own members and shall neither deal on behalf of nor advise any persons other than its members In relation to investments of any kind. All its activities will be confined to the mutual benefit and interest of its members. Club membership shall be restricted to a maximum of 20 people. New members shall only be admitted after being proposed and seconded by two existing members and there being no objection from any other member of the club. No member shall assign, pledge, transfer, mortgage or sell any part of his/her interest in the club to another member or to anyone else except as permitted by the authorised procedure for selling back all or part of his/her interest to the club Itself. No member shall be compensated for services rendered to the club and no member shall bind or obligate the club or any member of the club to any matters outside the affairs of the club, and in respect of the club's affairs they shall only enter into agreements on the authority of a resolution properly passed by members. The rules shall determine the procedure whereby a member may resign from the club and withdraw his/her equitable share of the club‘s assets but the maximum period to elapse between the date of resignation and the date of full repayment shall not exceed 90 days. The club shall hold a general meeting once in every calendar year as its annual general meeting provided that every annual general meeting shall not be more than 15 months after the preceding annual general meeting. The club’s first annual general meeting shall be within 15 months of its inauguration At each annual general meeting, the members shall elect a chairman, honorary treasurer and honorary secretary who will resign at the following annual general meeting but be subject to re-election. Members will also elect the club's auditors. If the auditors are members of the club they shall be at least two in number and shall not be executive ofiicers of the club. ProShare Investment Club THE MANUAL ...
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