Professional Documents
Culture Documents
4. The club shall open a club brokerage account with a reputable nominee
stockbroker.
a. Only the named trader (Trustee) are authorised to buy and sell investments on
behalf of the club.
b. No member is authorised to commit the club beyond the cash held by the club
broker.
c. All cheques due to the club's account are to be made out to the club's name on
non-transferable cheques.
5. The club may, at its discretion, allow individual committee members to
purchase additional units but it is implicitly understood that every committee
member shall have equal voting powers on all matters.
6. The club will only deal with the club's investment and for the benefit of the
club only. It will neither advice nor deal on behalf of any person/group outside
the club.
a. No member shall make any commitment particularly financial on behalf of
the club without the agreement of a properly constituted meeting.
b. All affairs (conduct, behaviour, attendance of members, monetary etc.)
affecting the club shall be agreed by the members at a constituted meeting. The
meeting must have a quorum of at least 50% plus one.
d. Any member who breaks these rules & conditions will be expelled after a
warning has been issued and when two thirds of members at a constituted
meeting support the decision. The expelled member will be notified in writing
and have their share of the club holdings returned (minus legal & brokerage
fees) in full payment within 90 days of expulsion.
7. When a member resigns they will receive their share of the club holdings
(minus legal & brokerage fees) in full payment within 90 days of resignation.
8. Upon the death of a club member, their share value of the club holdings will
be paid to their executor (minus legal & brokerage fees) in full payment within
90 days of the club meeting where the death was recorded.
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16. Only the following items shall be discussed and agreed at the annual AGM:
a. The secretary at the AGM shall produce a statement of accounts. A report
detailing the income, expenditure, club assets, arrears, end of year valuation of
portfolio, and each member total contribution/drawings with current value of
holding shall be presented to club members at all meetings.
b. An Auditors report shall be presented to club members at an annual basis.
c. The club bank account / brokerage account can to be determined annually or
at a special meeting. All meeting dates and venues for the year need to be agreed
by members. Between 5 to 10 days notice should be given for all meetings.
17. We do not produce the information with the intent of impacting your
investment decisions, therefore, you release us from any liability for any losses,
including without limitation, any loss of profit you may incur as a result of
reliance on such information or entering into any investment transaction.
You acknowledge that you have read this agreement, understand it and will
be bound by its terms and conditions. You further acknowledge that this
agreement represents the complete and exclusive statement of the
agreement between us and that it supersedes any proposal or prior
agreement oral or written, and any other communications between us
relating to the subject matter of this agreement.