Investment Clubs Manual035 - 10 MEMBER LEAVING THE CLUB a...

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Unformatted text preview: 10. MEMBER LEAVING THE CLUB a) Resignations of membership must be submitted in writing to the chairperson, treasurer or secretary not less than seven days before the monthly meeting at which the resignation is to take effect. b) Members leaving the club, whether by resignation or as the result of termination of membership under Rule 5, shall sell back to the club their entire holding of units. c) The amount to be paid to a member leaving the club shall be calculated by multiplying the total number of units held by the member by the unit value declared by the treasurer at the club meeting at which the resignation became effective, subject to deduction of club brokerage if such should be in force at that time and any legal fees incurred by the club in connection with the withdrawal of the member. Any surplus cash held to the member’s credit will be added. d) Payment to the member who has left the club shail be made as soon as possible and in any case within 90 days of the resignation becoming effective. 1 1. ADDITIONAL UNiTS The club may, at Its discretion, allow individual members to purchase additional units but it is Implicitly understood that every member shall have equal voting powers on all matters. 12. RUNNING COSTS No member of the club shall be compensated for providing services to the club. Expenses incurred in managing the club shall be recorded in the club's cash account which shall be funded from the club’s subscription and other income. The treasurer shall maintain a full and accurate record of all expenditure to submit to the auditors annually. 13. BANKING a) The club's bank/building society shall be determined annually at the annual general meeting but may be changed by agreement of a majority of members at a special general meeting called in accordance with Rule 3. October 2008 ProShare Investment Club THE MANUAL ...
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