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
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
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.
A. Quorum consisting of a simple majority of the membership,
shall be required to conduct the affairs of the Partnership.
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.
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.
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.
B. Every 12 months elections
of Partners will be held.
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.
C. Partners will determine the annual budget for maintenance
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
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
2. Active members can then sponsor an interested individual
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
B. All dividends generated by such stock shall be reinvested.
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
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.
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
D. The treasurer will hire an accountant t do our taxes
which will be paid for by our club treasury.
XVI Resignation of
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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