Investment Clubs Manual041

Investment Clubs Manual041 - 35 October 2008 Payout to...

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Unformatted text preview: 35 October 2008 Payout to members The maximum period allowed in the constitution is 90 days. This may seem a long time, but ciubs should be wary of cutting this time too drastically. it must be remembered that if several members resign or decide to sell back units at the same time it may be necessary to sell investments to fund the repayments. Part of this time could elapse before members could meet and decide which investments to sell, after which one would have to wait for settlement day. The rules do not preclude earlier repayments. they only safeguard the members by stating the maximum time. Windlng up Rule 19 has stood the test of time but clubs may decide that the 75% rule is inappropriate. if in a club with 20 members, 15 of them decide that the club should be wound up and five want it to continue, there appears to be no reason why the stalwart five should not continue after paying out equitable shares to the other 15. Hopefully this is a hypothetical issue which clubs will not need to tackle. ProShare investment Club THE MANUAL...
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