Next Meeting

The next meeting will be 8:00pm Monday 21 May 2012 at the Holden Arms.

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Club Rules

The Treasurer has requested that Laurel & Hardy should overlook our Club Rules……..

1. General Meetings of the members of the Club shall be held as necessary.

2. In the absence of the Chairman, the remaining members shall appoint another member to be Chairman. The Chairman shall determine the order of the agenda. If a majority decision cannot be reached, the Chairman shall have a second and casting vote.

3. The Secretary shall notify all members of the dates, times and venue of meeting to be held giving fourteen days notice in the case of General Meeting and in the case of an Extraordinary General Meeting or the Annual General Meeting, twenty-one days notice shall be given. It shall be sufficient if the Secretary sends the notice by post to the last known address of each member.

4. Casual vacancies that arise following the death or resignation of an officer shall be filled at the next following General Meeting of members, and officers so appointed shall retire at the next Annual General Meeting.

5. The Rules of the Club shall only be amended at an Extraordinary General Meeting and such a meeting shall be convened on the requisition of at least four members or one fifth of the members of the Club whichever is the lesser, who shall present the requisition to the Secretary together with a signed copy of the Resolution(s) to be proposed. The Secretary shall be required to issue the notice of the meeting to the members within seven days of the receipt of the requisition and the notice shall state the Resolutions to be proposed.

6. The Club shall appoint a three member Investment Committee to make decisions on behalf of the Club should it be necessary to make an immediate decision with regard to investments if it is not practicable for all members of the Club to meet.

7. [currently no Rule 7]

8. A member may demand a poll if supported by at least one-fifth of the members present. If the poll is demanded each member shall be notified in writing with at least seven clear days notice by the Secretary of the time and place at which the poll is to be held. At the poll each member will have one vote for every unit held by him prior to the meeting at which the demand for a poll was made. A member may authorise another member to act as his proxy at the meeting, provided the authorisation is made in writing and provided a copy of it is lodged with the Secretary by 9.00 a.m. on the day preceding the meeting.

9.  The Club shall adopt the “unit” method of accounting.

10.  The Treasurer shall submit a statement to each meeting showing the “current unit value” in the form of the “Monthly Assets Statement” supplied by the National Association of Investment Clubs Limited. For the purposes of valuing the shares, the closing price as shown in the national daily newspapers or the mid-market quotation shown by The Stock Exchange Daily Official List dated five days (excluding Bank Holidays, Saturdays and Sundays) before the holding of the meeting, shall be taken.

11. A joining fee of £100 shall be payable, followed by minimum monthly subscriptions which shall be paid by Banker’s Order or which may be paid to the treasurer before the commencement of each meeting, shall be £25. A member may subscribe either the minimum amount regularly or on such occasions as is convenient to him more than the minimum subscription may be paid. The Treasurer shall allot to the member the appropriate number of units depending upon the value as calculated at the meeting referred to in accordance with the statement detailed in Rule 10. The Treasurer shall make the appropriate records which will take account of “surplus cash” applicable to each member in accordance with the statement shown on the Members’ Capital Accounts Statement supplied by the National Association of Investment Clubs Limited.

12. The Treasurer shall at each meeting state the amount to be invested. He shall answer any relevant questions of which reasonable notice has been given. Unless a poll is demanded in accordance with Rule 8, the members shall, by a show of hands, determine by simple majority the investment to be made with the amount available at each meeting.

13.Club brokerage will be charged on repayment of monies to members at the rate of 2.5% per pound in respect of monies receivecf for units cashed.

The sums received by the Club in respect of Club brokerage shall not be credited to Members’ Capital Accounts but shall be utilised towards the administrative expenses of the Club.

14. The Treasurer shall give a receipt for all subscriptions received from members in cash. A receipt need not be issued for subscriptions paid by cheque.

15.  A member shall give one calendar month’s notice of his intention to resign from the Club, the resignation is to be effective as from the first meeting following the expiration of one calendar month after the said notice is given.

16.  If a person ceases to be a member under the terms of Item 10 in the Constitution of the Club or if he resigns under the terms of Rule 15 above, he, or his personal representative, shall be bound to accept repayment of the monies due as if he had given notice in writing in accordance with Rule 18.

17. Although only one calendar month’s notice of withdrawal of units from the Club is required, the remaining members reserve the right to make repayment of monies due to the member in accordance with Rule 18.

18. A member shall in writing give three month’s notice to the Treasurer of his intention to withdraw £100 or more, the said notice to run from the date of the next members’ meeting. On the expiry of the said three months, such amount as has been requested shall be paid to the member. A member shall in writing give two month’s notice to the Treasurer of his intention to withdraw a sum exceeding £50, but less than £100, the said notice to run from the date of the next members’ meeting. On the expiry of the said two months, such amount as has been requested shall be paid to the member. A member shall in writing give one month’s notice to the Treasurer of his intention to withdraw a sum of not more than £50, the said notice to run from the date of the next members’ meeting. On the expiry of the said month, such amount as has been requested shall be paid to the member. The amount due to the member shall be determined at the date from which the period allowed for payment is calculated. No members of less than six months subscriptions may withdraw any subscriptions from the Club unless he resigns as a member. If a member wishes to revoke his notice to withdraw he may do so if a majority of the members present and voting agree. If a majority of the members present and voting agree any one or more members may buy from a member any units that he wishes to sell.

19. Club Brokerage. If, in accordance with Rule 18, a member shall revoke his notice to withdraw units from the Club, he shall, unless a majority of those present and voting direct otherwise, pay Club brokerage as if he had withdrawn the units and utilised the proceeds to purchase units at the current value at the meeting at which the members approve the revocation of the notice.

20. Should a member give notice that he requires to withdraw all monies standing to his credit, he shall be deemed to have resigned from the Club.

21. The Club shall be wound up if a resolution of which fourteen days notice has been given is passed by the members to that effect at an Extraordinary General Meeting or an Annual General Meeting.

22. One-third of the members of the Club shall constitute a quorum at General Meetings and at Extraordinary General Meetings and Annual General Meetings one-half of the members of the Club shall constitute a quorum.

23. All notices required to be given to members shall be deemed to have validly been given to all members if send by prepaid letter post to each member at his address recorded in the register of members. Each member shall be responsible for notifying the Secretary of any change of address.

24. The Club shall invest not less than 90% of its assets in listed non-bearer shares and stocks.

25. No persons shall be admitted as a member after the inaugural meeting of the Club unless he shall have been proposed by one and seconded by another member, and all the members present and voting have agreed to his admission.

26. Any dispute as to the valuation or on any subject affecting the valuation of the amount of the member’s holding of units of the Club’s capital shall be decided by a Chartered Accountant of at least seven years’ standing whose certificate of decision shall be final. Any other dispute on any other subject arising from the Agreement or Rules shall be decided by a practising Solicitor of at least seven years standing whose certificate of decision shall be final. The fees of obtaining decisions shall be paid by the party to the dispute against whom such a decision is made. For the purpose of this rule, the Club may be a party and the fees where the Club is unsuccessful shall be borne as an example by the Club.

27. Members are expected to attend all meetings. If a member is absent for three consecutive meetings, then the provisions of Paragraph 10 of the Constitution of the Club may be invoked.