Investment Clubs Manual026 - 11 At each annual general...

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Unformatted text preview: 11. At each annual general meeting, a statement of account shall be given by the treasurer, together with the report of the auditors. The treasurer’s report shall include a full record of the club’s Income and expenditure; 3 list of the club's assets together with its end-of-year valuation; alsoa capital account for each member showing his/ her total contributions and withdrawals together with the current value of his/her holding. 12. Upon the death ofany member the value of his/her equitable share in the club shall be paid to the executor of the estate in accordance with the club's rules for dealing with a member leaving the club. 13. The club’s investments shall be registered through a nominee company provided by a reputable source such as a bank or stockbroker OR such Investments shall be held in the names of trustees, of whom there shall be at least two, who will sign a Declaration of Trust and who shall be appointed by a resolution of a majority of club members. 14. The club shall open an account with a bank or building society and all club monies shall be paid into this account except In so far as monies from disposal of Investments may be retained by the club’s stockbroker pending reinvestment. At least two of the club's officers or other members nominated by the club for this purpose must sign all cheques and the bank/building society shall be instructed accordingly. 15. If any member should assign, charge or otherwise encumber his/her share in the club as prohibited by clause 6 of this agreement, he/she shall be expelled from the club. If any member shall become bankrupt, or otherwise incapable of taking part In the club‘s business, OR shall act in any manner inconsistent with the good faith observable between members, 0R shall be guilty of any conduct which could injure the good name of the club, 0R bring about its dissolution or fail to attend at least 25% of properly constituted meetings in any one financial year, it shall be lawful for other members to notify the offending member in writing that members shall consider his/her expulsion from the club. A member being issued with such a warning shall be glven an opportunity to offer other members any explanation as he/she considers desirable. October 2008 ProShare Investment Club THE MANUAL ...
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