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Sample of By-Laws for Investment Clubs

By-Laws

I Formation of the Partnership
The undersigned hereby form a General Partnership, in and in accordance with the laws of the State of ______

11 Name of partnership
The name of the Partnership shall be the_______

111 Term
The scope of the partnership shall begin on ____ and continue until the partnership dissolves.

IV Purpose
The scope of the partnership is to invest the assets of the Partnership solely in equities which do not result in borrowing, for the education and benefit of the Partners.
A.  Meetings shall be held monthly, _____for at least 10 meetings per year.
B.  Copies of the minutes of each meeting will be mailed to members with the announcement of the next meeting.
C.  Meetings are to be conducted by the presiding Partner and according to Robbers Rules of Order.
D.  Special meetings may be called if three officers or a majority of the membership deem it necessary.

V Contributions
A.  A $50 investment contribution from each member is due on the date of the scheduled meetings.  There will be no delinquent payments.
B.  Investment contributions must be received by the Financial Partner no later than three business days after the meeting date.

1.  On the business day after the meeting day after the meeting there will be a $10 late fee for delinquent dues. This will increase to $25.-- on the 40th day. The treasurer will call the delinquent member on the and 10th day informing them of the late fees.  There will be no exceptions.
2.  Dues are due the date of the scheduled meeting even if it is canceled.
4.  All dues will be deposited through the treasurer.  There will be no individual deposits to E-Trade.

C.  Individual members will be responsible for NAIC and Partnership, nonrefundable Maintenance e fee. which will be forfeited upon resignation.  Dues to maintain the Club will be assess annually (proposed amount $25).
D.  There may be additional collections to fund group activities as voted on by the membership.
E.   A checking account will be maintained and be the repository for all dues.
F.   The financial Partner and the persons whose names appear on the signature card will be bonded when total assets exceed $10,000.
G.  The e Financial Partner is responsible for providing an accounting at each meeting of each individual member’s capital account of the club.
H.  There will be an annual audit done of the account prior to the new Financial Partner taking his/her position. the audit will be done by the Incoming Financial partner and member to be decided upon at that time. the fiscal year will be on a calendar year basis, closing the books on December 31st.
I.   In the event a current member resigns, or new member joins it is the responsibility of the Financial Partner to review the state of affairs with the present or prospective member to determine the member’s financial responsibility.  The resigning member will pay the Financial Partner a compensatory fee of $50 at the time of the review.  A resigning member will be paid upon the Club’s next sale, not to exceed on hundred and twenty days from the date of the member’s resignation.  The resigning member forfeits the non-refundable maintenance fee.  The resigning member will absorb all the costs incurred in selling stocks.

VI Quorum
A.  Quorum consisting of a simple majority of the membership, shall be required to conduct the affairs of the Partnership.

VII Voting
A.  All the decisions relative to the investment of funds, buying, holding and or selling of securities shall be by vote of the members.  Such voting shall be by a show of hands or individual voice vote. Buy, sell and hold decisions will be based on a majority vote of the Partnership.  Each member shall be allowed only one vote.
B.  Proposed changes to the by-laws can be submitted at any meeting.  The minutes listing proposed changes will be issued to all members.  Changes will then be discussed and voted on at the next meeting. Passage requires a 2/3 majority of the membership.  Members will be notified of any by-law changes.
C.  All decisions related to changes in the investments, or by-laws shall be by vote of the members present at the meeting. Motions will be discussed and can be approved with a majority of the membership present.

VIII Membership
A.  The Partnership is open to men and women over the age of 18 years.
B.  Membership shall be limited to 20 members. each member is expected to be an active participant in the Partnership. Active participation is described as follows: meeting attendance, hosting meetings, preparing and presenting stock analysis, reports and holding office when elected.
D.  In the event a member misses four meetings in a year, his/her membership is then subject to review by the officers for possible dismissal.  At the time, the member will be given an opportunity to explain his/her absences and/or lack of participation.  The officers will then make their recommendations to the membership. The secretary will call the member after they missed meeting.
E.  In the event of the death of a member, payment shall be made to the individual’s beneficiary as filed with the club, within ninety days, based on the current net asset value, without penalty or fee, less the amount owed to the Club by the member. The beneficiary can take the place of the deceased member if that person chooses to do so.

IX Officers
A.  To facilitate the orderly procedure of business, the following positions and responsibilities are being established.

1. Presiding Partner Responsible for setting the time and place for meetings, appointing committees, presiding at meeting and overseeing the activities of the Club. This position is responsible for setting the agenda for the meetings.
2. Assistant Presiding Partner Fills in for the Presiding Partner in His/her absence. He/She is the leader of the investment education program. Assistant Presiding Partner is responsible for all members’ forms. This includes distributing and collecting forms such as beneficiary form. These forms will be kept by the presiding partner.
3. Recording Partner Keeps minutes of proceedings and notifies members of meeting Administrates all written ballots and proxies.
4. Financial Partner maintains the Club's financial records and disbursement of maintenance expenses incurred. He/She places buy, and sell orders with the broker.  Record keeping includes and accounting of Club receipts and disbursements and each member’s interest in the Club.  He/She prepares a monthly liquidating statement and files an annual informational tax return with the Federal Government.
B.  Every 12 months elections of Partners will be held.
C.  Partners will determine the annual budget for maintenance dues.

X Elections
A.  A nominating committee shall be appointed at the January meeting and report at the February meeting.
B.  Elections shall be held at the March meeting each year with the officers assuming their duties at the April meeting.
C.  The term of office is one year.D. Special elections will be held as necessary.

XI New Members
A.  The procedure for proposing a new member is as follows:

1. Requests for additional membership will be proposed and discussed at regularly scheduled meetings.
2. Active members can then sponsor an interested individual for consideration.
3. The proposed new member must attend at least two meetings in order to become familiar with the Partnership. operation.  Following the second meeting attended by the candidate the Recording Partner will give notice of the acceptance or rejection decision to the proposed member.
4. The new member’s dues will be determined by the Financial Partner according to the present state of affairs of the Partnership.  The new member must pay 100% of the current net asset value. plus the maintenance dues for the current year as determined by the Financial Partner.
5. Participation in discussion is for members only, guests are not allowed to participate.
6. Continual attendance by a non member ill be reviewed by officers to possibly allow an exception.

XII Club assets
A.  At this time the assets of the Club may only be invested in stocks.
B.  All dividends generated by such stock shall be reinvested.

XIII Affiliations
The Club affiliation will be maintained with National Association of Investors Corporation (NAIC).

XIV Forbidden Acts
A.  No Partner shall have the right or authority to bind or obligate the Partnership to any extent whatsoever with regard to any matter outside the scope of the Partnership business.
B.  No partner shall without the unanimous consent of all of the partners, assign transfer, pledge mortgage or sell all or part of his/her interest in the Partnership to any other Partner or other person whomsoever, or enter into any agreement as the result of which any persons not a Partner shall become interested with him in the Partnership.
C.  No Partner shall use the Partnership name, credit or property for other than Partnership purposes.
D.  No partner shall perform or act in a manner detrimental to the interest of the Partnership or which would make it impossible to carry on the business or affairs of the Partnership.

XV Banking
A.  Funds deposited by the Partnership in the bank selected by the partners may only be withdrawn for business and expenses of the Club The transfer of funds to the brokerage account requires a majority vote.
B.  Funds deposited by the Partnership may be kept in a Money market or Bank Account.
C.  The officers will be able to request checks for legitimate Club expenses.
D.  The treasurer will hire an accountant t do our taxes which will be paid for by our club treasury.

XVI Resignation of Membership
A.  A member may resign after informing the officers in writing of his/her desire to leave the group.
B.  The member will meet with the Financial Partner to determine his/her share of the current net asset value in the Club and the date of resignation.

This agreement of Partnership is hereby declared and shall be binding upon the respective heirs executors, administrator and personal representative an of the parties.

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