Unformatted text preview: b) All cheques drawn on the club's accountls) shall require any two of three authorised
signatures. Where possible one of the signatories of cheques should be the chairperson.
In the event of one authorised signatory being unavailable for an extended period.
the ofﬁcers of the club may authorise a further signatory for the period involved. All
Income shall be paid direct Into the club’s bank/building society accountls) except where
members have approved an arrangement whereby their stockbroker retains funds from
the sale of one or more investments pending the purchase of other investments. c) The club’s bank/building society shall be instructed not to grant any overdraft facilities to
the club. 14. BROKERS
The club’s brokers shall be instructed that: a) Only one or two named ofﬁcers are authorised to buy or sell investments on behalf of the
club. b) No member is authorised to commit the club beyond the cash held
by the club. c) All cheques due to the club's account are to be made out to the club's name on non- transfera bie cheques. IS. COMMITMENTS
No club member shall make any commitment on behalf of the club or commit club funds
without written authorisation to do so. 16. AMENDMENTS OF RULES
The rules of the club may be amended or rescinded at a properly constituted meeting of
the club subject to agreement by at least 75% of members present. 17. MINUTES
Minutes of the club meetings shall be kept and shall be available for inspection by any
member of the club at any reasonable time. 0 be 2008
30 “m ' ProShareInvestmentClubTHE MANUAL ...
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- Spring '10