Investment Clubs Manual034

Investment Clubs Manual034 - 28 October 2008 7...

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Unformatted text preview: 28 October 2008 7. SUBSCRIPflONS a) Each member shall arrange that his/her monthly subscription shall be paid into the club's bank/building society account on or before the ist day of each month by means of a standing order from a bank, building society or similar source. b) Each member’s subscription will purchase for that member an appropriate number of units according to the unit value declared at the monthly meeting preceding the date when the subscription was paid, subject to club brokerage if such should be in force at that time. c) The treasurer shall notify members at their monthly meeting if any member is in arrears. d) The monthly subscription and the level of the club brokerage may be varied at the club‘s annual general meeting or at a special general meeting. 8. CAPITAL ACCOUNT a) The club’s assets shall be valued monthly by the treasurer and a report shall be presented at the next meeting. The value of investments shall be based on ’middle’closing prices recorded in The Financial Times or other reliable source of share price information. b) The treasurer’s monthly report shall Include as a minimum: the current value of each of the club's investments together with a total value of such investments; a statement of unpaid accounts and cash in hand on the aforesaid day; the total value of the club's assets and the current unit value which shall be determined by dividing the total net asset value by the total number of units issued to members. 9. MEMBERS’ ACCOUNTS An account shall be kept for each member of the club showing: the total investment made by each member by means of subscription, initial lump<sum and/or additional purchases of units; the total of withdrawals made by each member who has sold back units to the club; the total number of units currently held by the member and the current value of his/her holding. ProShare Investment Club THE MANUAL...
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