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Investment Clubs Manual049 - 43 October 2008 Many clubs...

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Unformatted text preview: 43 October 2008 Many clubs find that a 'clubs and societies‘ or ‘treasurers' type account offered by the major high-street banks is most convenient for routine transactions, with subscriptions paid by standing order. This enables the club to have the account in its own name. If the club is in the habit of building up substantial sums for any length of time, these should be transferred to a deposit account or building society. Treasurers may not be popular if large amounts of cash are left Idle for too long! Funds will be travelling to and fro via the club’s stockbroker, and some brokers offer good terms for clients by payan interest on funds which are ’floating; that isI left in the account of the nominee company between the time of selling one investment and buying another. This saves time and may avoid some bank charges by cutting down the number of transactions. Usually Stockbrokers will provide a statement similar to a bank statement and if this service is available it will be very useful to the club. So far as the club's bank or building society account is concerned the treasurer along with the chairperson and/or secretary should arrange an appointment to discuss the club's requirements. The account will be opened in the name of the club, but the bank or building society must be given written confirmation, Including specimen signatures, of those entitled to draw cheques This will normally be any two of the three executive officers. The account number and sort code should be given to all members so that they can arrange for their subscriptions to be paid by standing order on the same date each month. The treasurer will find it helpful to have statements made up to the club's valuation day sent each month.This will help with the reconciliation before preparation of the monthly report can start. ProShare Investment Club THE MANUAL ...
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