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Club Rules

The document outlines the rules for a club. It discusses the governance structure, including officers elected annually. It also covers membership requirements and processes, financial management including member accounts and valuation of assets, meetings, amendments to rules, and winding up the club. Decisions require votes from members holding a percentage of club units as outlined in the constitution.

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fmurphy
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280 views4 pages

Club Rules

The document outlines the rules for a club. It discusses the governance structure, including officers elected annually. It also covers membership requirements and processes, financial management including member accounts and valuation of assets, meetings, amendments to rules, and winding up the club. Decisions require votes from members holding a percentage of club units as outlined in the constitution.

Uploaded by

fmurphy
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Club Rules

1. THE AFFAIRS OF THE CLUB


The affairs of the club shall be conducted in accordance with the letter and spirit of the
constitution laid down by the members. The constitution cannot be altered without the
agreement of members holding 75% of the units of the club for the time being.

2. OFFICERS
The affairs of the club shall be managed by three officers, chairperson, honorary
secretary and honorary treasurer who shall be elected by a simple majority of members
attending the annual general meeting of the club. These officers shall resign at the
following annual general meeting but shall be eligible for re-election. If an officer should
leave the club, die or otherwise be unable to continue to carry out his/her duties, a
replacement may be elected at a subsequent ordinary meeting of members. Other
officers may be elected from time to time to assist the three main officers.

3. MEETINGS

a. In each year there shall be held 11 monthly meetings and one annual general
meeting, at which all members shall be entitled to be present and to vote on all
matters.
b. Dates and venues of meetings may be varied in accordance with a resolution
supported by a simple majority of those attending a properly constituted meeting
of the club; such resolutions and all others must be carried at a meeting where
there is a quorum comprising of more than half of the current membership.
c. All members shall be given at least 5 days notice of dates and venues of
meetings.
d. A special general meeting may be convened by not less than three members for
the purposes of resolving special items of club business subject to a written
request being submitted to the secretary who will without undue delay then give
at least 21 days notice to all members.

4. MEMBERSHIP
In accordance with the constitution the membership of the club shall be limited to staff
and student f the University of Limerick

5. ELECTION OF NEW MEMBERS

a. The election of a new member is conditional upon there being no objection from
a member at which the application is considered.
b. A prospective member must be proposed and seconded by two existing
members at a monthly meeting of the club. Subject to acceptance by all
members attending that meeting the name and address of the prospective
member will be included in the minutes which will be circulated to all members
prior to the next monthly meeting.
c. The club reserves the right to refuse admission to any person without giving a
reason.

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6. WITHDRAWAL OF MEMBERSHIP

a. A member shall cease to be a member of the club if he/she is in contravention of


Clause 14 of the constitution.
b. If a member should die or cease to be a member for any reason, the club shall
pay to the member or to persons entitled by law an amount equal to the former
member's share in the assets of the club as defined in Rule 11.

7. ANNUAL MEMBERSHIP

a. Save for Rule 3 of the constitution, membership admittance will be restricted to


the calendar month following the first business day of September each year
b. At the end of the calendar month following the first business day of September
each year, shares in the club will be distributed according to the member’s
subscription.

8. CAPITAL ACCOUNT

a. The club's assets shall be valued monthly by the treasurer and a report shall be
presented at the next meeting. The value of investments shall be based on
"middle" closing prices recorded in the Financial Times or other reliable source of
stockmarket information.
b. The treasurer's monthly report shall include: the current value of each of the
club's investments together with a total value of such investments; a statement of
unpaid accounts and cash in hand on the aforesaid day; the total value of the
club's assets and the current unit value which shall be determined by dividing the
total net asset value by the total number of units issued to members.

9. MEMBER'S ACCOUNTS
An account shall be kept for each member of the club showing: the total investment made
by each member by means of subscription, joining fee or additional purchases of units;
the total of withdrawals made by each member who has sold back units to the club; the
total number of units currently held by the member and the current value of his/her
holding.

10. MEMBER LEAVING THE CLUB

a. Resignations from 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
of membership under Rule 6, shall receive compensation following the dispersal
of funds each September as per rule 4 of the constitution
c. 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 be came

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effective, subject to deduction of club brokerage if such should be in force at that
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.

11. ADDITIONAL UNITS


No member may be allowed to purchase additional units.

12. RUNNING COSTS


No member of the club shall be compensated for providing services to the club.
Expenses incurred in managing the club shall be recorded in the club's cash account
which shall be funded from the club's subscription and other income. The treasurer shall
maintain a full and accurate record of all expenditure to submit to the auditors annually.

13. BANKING

a. The club's bankers/building society shall be determined annually at the annual


general meeting but maybe changed by agreement of a majority of members at a
special general meeting called in accordance with Rule 3.
b. All cheques drawn on the club's account(s) shall require any two of three
authorised signatures. Where possible one of the signatories of cheques should
be the chairperson In the event of one authorised signatory being unavailable for
an extended period, the officers of the club may authorise a further signatory for
the period involved. All income shall be paid direct in to the club's bank/building
society account(s) except where members have approved an arrangement
whereby their stockbroker retains funds from the sale of one or more investments
pending the purchase of other investments.
c. the club's bank/building society shall be instructed not to grant any overdraft
facilities to the club.

14. BROKERS
The club's brokers shall be instructed that

a. only one or two named officers are authorised to buy or sell investments on
behalf of the club.
b. no member is authorised to commit the club beyond the cash held by the broker.
c. All cheques due to the club's account are to be made out to the club's name on
non-transferable cheques.

15. COMMITMENTS
No club member shall make any commitment on behalf of the club or commit club funds
without written authorisation to do so.

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16. AMENDMENTS OF RULES
The rules of the club may be amended or rescinded at a general meeting of the club
subject to agreement by members holding at least 75% of the units of the club.

17. MINUTES
Minutes of the club meetings shall be kept and shall be available for inspection by any
member of the club at any reasonable time.

18. DISPUTES

a. Any disputes as to the interpretation of these rules shall be decided by the


chairperson unless notice is properly served requesting that the matter should be
resolved by a special general meeting of club members.
b. Any disputes relating to the valuation of a member's share in the assets of the
club or his/her entitlement to that share shall be decided by a chartered
accountant (to be appointed by the chairperson of the club) of at least seven
years' standing whose certificate of decision shall be final. Fees incurred in
obtaining this decision shall be paid by the party to the dispute against whom the
decision is made, or in the case of this not being clear the fees shall be shared
between the club and the member or ex-member concerned.

19. WINDING UP
The club shall be wound up and all assets divided among members (after payment of
club expenses) in accordance with the number of units held by each member if a
resolution to that effect is passed by members holding at least 75% of the club units at a
special general meeting of the club.

20. TAX LIABILITY


Membership of the club implies acceptance of proportional tax liability on trading profits
made by the club in any tax year.

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