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Investment Club Constitution & Rules (Combined)

Another option is to combine the Constitution and Rules into one document, as per the following template:


CONSTITUTION AND RULES of the ...................... Investment Club. This agreement is made this ...........day of ..........in the year of ........... between the undersigned people as members for the purpose of joint investment in stocks, shares, options, securities and investments.


1. The number of people in a club shall be limited to a minimum of 3 to a maximum of 20 members.

a. Acceptance of new members into the club shall be proposed & seconded by two existing members and adopted only if no other member objects.

b. The club reserves the right to refuse admission to any person without giving a reason.

c. On admission to the club, a new member will sign an agreement. The new member shall pay the initial lump-sum subscription and the first month’s subscription. These sums will purchase for the new member a number of units calculated according to club rules and the unit value prevailing at the time of joining.

d. All members hereby agree to attend an external structured stock market education program - within six months of joining the club.


2. Members of the club shall make regular contributions in such amounts and at such intervals as agreed. Monthly standing orders must be set up by all members for payment of their subscriptions into the club account as soon as possible after joining and not exceeding three months of joining the club.


3. The club shall open a club bank account/ building society account in the club's name. The club shall appoint three signatories (normally nominated are, Chairperson/ Treasurer/ Secretary).

a. All cheques drawn on the club account shall require any two authorised signatures.

b. All income will be paid directly into the club's bank account.

c. The club's bank account must be set up without overdraft facilities.


4. The club shall open a club brokerage account in the club's name with a reputable nominee stockbroker. Appoint between 2 to 4 traders (normally not the Chairperson/Treasurer/Secretary).

a. Only the named traders 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 members to purchase additional units but it is implicitly understood that every 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.

a. No member shall make any commitment particularly financial on behalf of the club without the agreement of a properly constituted meeting.

b. No member of the club shall be compensated for providing services to the club.

c. 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.

a. Resignations of membership must be submitted in writing to the chairperson, treasurer or secretary not less than seven days before the monthly meeting at which the resignation is to take effect.

b. Members leaving the club, whether by resignation or as the result of termination membership, shall sell back the club their entire holding of units. The amount to be paid to a member leaving the club shall be calculated by multiplying the total number of units held by the member by the unit value declared by the treasurer at the club meeting at which the resignation became effective, subject to deduction of club brokerage if such should be in force at the time and any legal fees incurred by the club in connection with the withdrawal of the member. Any surplus cash held to the member’s credit will be added.


9. Members are entitled to attend all meetings and vote on all matters. A meeting quorum (normally of half membership, plus one) shall be agreed. As well as attending club meetings all members are expected to commit to researching at least one company per person per month.


10. A member shall be expelled if two thirds majority of the members present at a properly constituted meeting of the club support a resolution to that effect. A member who is expelled shall be notified in writing and shall have his/her equitable share of the club assets returned in accordance with the rules of the club.


11. The voting system is one member one vote.


12. Minutes of the club meetings shall be kept and issued promptly to members at least two weeks or as soon as practicable prior to the next meeting.


13. Any disputes to the interpretation of constitution and rules will be decided by the chairperson / or at the AGM / or if requested at a special general meeting. Disputes relating to the valuation of members share shall be decided by a chartered accountant (appointed by the club chairperson), whose decision will be final. Fees for the certified accountant will be met by the losing party or equally if no clear decision is made.


14. Tax affairs shall be dealt with according to the law of the land.


15. Club members acknowledge that the sole ownership of all equity appreciation shall reside with only those club members who have fulfilled all obligations as set out in this constitution.


16. The club shall be wound up and all assets divided among members in accordance with a resolution to that effect if passed by at least two thirds of the members at a specially convened general meeting of the club.


17. After five years from the formal inauguration of the club the members shall convene a meeting to decide upon and adopt a dividend policy for the next five years to be reviewed and adjusted annually thereafter.


18. Only the following items shall be discussed and agreed at the annual AGM:

a. Re-election of all committee (chairperson, treasurer, secretary and other roles) members needs to be decided. Also two internal auditors who are non-committee members can be appointed to audit the club accounts.

b. The treasurer 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 members total contribution/drawings with current value of holding shall be presented to club members at all meetings.

c. An auditors report shall be presented to club members at the AGM.

d. 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.

e. The goals and financial aim of the club shall be stated including a comprehensive review of Asset Allocation.

f. Members' monthly contributions shall be stated and maybe reviewed upwards in line with inflation.



Name ………………………………….…….. Signed…………………………. Date………


Name ………………………………….…….. Signed…………………………. Date………


Name ………………………………….…….. Signed…………………………. Date………


Name ………………………………….…….. Signed…………………………. Date………


Name ………………………………….…….. Signed…………………………. Date………


Name ………………………………….…….. Signed…………………………. Date………


Name ………………………………….…….. Signed…………………………. Date………


Name ………………………………….…….. Signed…………………………. Date………


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