Investment Clubs Manual033

Investment Clubs Manual033 - 27 October 2008 4 ELECTION OF...

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Unformatted text preview: 27 October 2008 4. ELECTION OF NEW MEMBERS a) The election of a new member ls conditional upon there being no objection from a member at the meeting at which the application Is considered. b) A prospective member must be proposed and seconded by two existing members at a monthly meeting of the club. Subject to acceptance by all members attending that meeting the name and address of the prospective member will be included in the minutes which will be circulated to all members prior to the next monthly meeting. c) The club reserves the right to refuse admission to any person without giving a reason. d) On admission to the club, a new member will sign an agreement (see 'New Members Agreement'on page 32 accepting all responsibilities associated with membership). The new member shall pay the initial lump-sum subscription (If applicable) and the first month’s subscription. These sums will purchase for the new member a number of units calculated according to club rules and the unit value prevailing at the time ofjoining. 5. WITHDRAWAL OF MEMBERSHIP a) A member shall cease to be a member of the club if he/she is in contravention of Clause 15 of the constitution. b) If a member should die or cease to be a memberfor any reason, the club shall pay to the member or to persons entitled by law an amount equal to the former member’s share in the assets ofthe club as defined in Rule 11. 6. INi'l1AL LUMP-SUM SUBSCRIPTION (OPTIONAL) a) All members can pay a Joining fee which will rank on par with monthly subscriptions in that it will purchase for that member an appropriate number of units according to the unit value at the time ofjoining, b) This fee may be varied at the club’s annual general meeting or at a special general meeting. ProSha re Investment Club THE MANUAL ...
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