Attenborough, Beeston and Chilwell LETS Constitution
1. NAME
The name of the organization is Attenborough, Beeston and Chilwell LETS,
referred to as ABC LETS in this constitution
2. AIMS & OBJECTIVES
2.1To develop and encourage the experience of community in this area through
the establishment of a local exchange trading system.
2.2 To stimulate the creation of social, economic and educational benefits
by and for its members and the people of this locality.
3. MEMBERSHIP
3.1 Membership of the system shall be open without prejudice to any individual
sympathetic to the aims of the system, subject to restrictions that may
be applied by the Management Group in exceptional cases.
3.2 Membership shall be dependent on (a) the payment of membership fees,
renewable annually or otherwise at the discretion of the Management Group;
and (b) the applicant’s endorsement of the ABC-LETS Rules and Constitution.
3.3 ABC LETS is apolitical and will not affiliate to any political organization.
4. LEGAL STATUS
4.1 ABC LETS is an unincorporated members’ club of people willing
to trade amongst themselves.
5. ORGANISATIONAL BASIS
5.1 The rights and authority of ABC LETS are vested in all members, who
delegate that authority to a Management Group to act on their behalf.
5.2 The Management Group is responsible for ensuring that the tasks of
running the LETS are effectively carried out.
5.3 The Management Group includes all those who have taken on the tasks
of running the LETS, and especially the coordinator, treasurer, membership
secretary and System’s Administrator.
5.4 Only members of ABC LETS can join the Management Group
5.5 The Management Group may set up other advisory groups to help inform
and manage all systems of the LETS scheme.
5.5 The First Committee of the system shall consist of the initiating
group members. They agree the appointment of members to the first committee;
signatories to any sterling bank account and the name of the bank used;
the name and value of the LETS unit; adoption of the member’s agreement
and constitution; and will arrange and publicise to all members a first
AGM within 12 months of their first meeting.
5.6 We also agree to be members of LETSlink and to pay them an annual
fee for the services they provide to us.
6. DECISION-MAKING PROCESS
Membership entitles each holder to one vote at general meetings.
The members at the AGM shall appoint a Management Group.
Nominations for membership of the Management Group are invited before
the start of the AGM. Any member in good standing is eligible for election
at the AGM.
Consensus vote shall be the preferred means of decision-making. (The exact
method of election shall be determined by the first committee for the
first AGM, thereafter by the Management Group).
7. FUNCTIONS OF THE LETS MANAGEMENT GROUP
The Management Group undertakes the executive management of the system,
apportioning such roles and functions as necessary to maintain the system
in the interests of the membership as a whole, including:
For those not on computer, maintaining an up-to-date list of these members,
recording accurately their transactions and supplying accounts, and publishing
directories for them. And to keep an overview of these aspects in respect
of all members.
Communicating with the membership and taking note of their opinions
Maintaining the financial viability of the system
MANAGMENT GROUP MEETINGS
The Management Group shall arrange and determine the timing and frequency
of its meetings. This will normally be at least every 3 months.
The Group shall publicise its meetings in advance to all members, normally
through the regular LETS mailings or newsletter.
The Group shall keep a record of all its meetings, and make these available
to all members, normally in the regular mailings.
Group meetings are open for any members to attend and make a contribution.
The quorum shall be a majority or 4 members of the Group, whichever is
larger.
The Group may co-opt new members onto the Group, given consent by majority
vote of the group. Members so appointed hold office only until the following
AGM, but are eligible for re-election at the meeting. Members may also
be appointed for a shorter trial period.
Any Group member may be dismissed by a three-quarters majority vote of
the entire Group, for reason of exceptional mismanagement or gross misconduct.
GENERAL MEETINGS
The Management Group shall organize an AGM once in every calendar year.
The Group shall arrange General Meetings (including Extraordinary General
Meetings) at either the request of their own meeting, or at the request
of at least 4 members of the system.
Fourteen days notice of each General Meeting, or seven days notice of
an Extraordinary General Meeting, shall be given to members.
FINANCE
Any monies received shall be paid into the ABC LETS account of whichever
bank the Management Group shall decide upon from time to time and in accordance
with instructions from a general meeting.
Any monies received or paid out in the name of ABC LETS shall be paid
into or from the ABC LETS account. The Management Group shall decide from
time to time which signatories can be accepted for financial transactions
with the bank.
No member shall derive any sterling benefit from the system, other than
the payment of reasonable expenses.
Members can be paid reasonable wages in LETS units for administrative
work carried out in agreement with the Management Group (and in line with
the ABC LETS budget).
Any Management Group member who carries out an agreed activity on behalf
of the system will not be held personally liable for reasonable debts,
and will be entitles to be indemnified from ABC LETS funds provided that
no payment shall be made, or obligations entered into, which cannot be
met from the balances of funds held be ABC LETS.
A copy of the most recent statement of accounts (in both the sterling
and LETS accounts) shall be made available to any member on request, and
an annual statement of both accounts shall be presented at each AGM.
ABC LETS is a not-for-profit organization. Any surplus funds over and
above the running costs and development costs of the system will be directed
to the ABC LETS Community Fund.
Decision-making on the uses of the ABC LETS Community Fund will be subject
to consultation with the members at a meeting, publicized to all members
in advance. Members may vote in person or by proxy. Decision-making will
be by majority vote.
CHANGES TO THE CONSTITUTION
Any changes to this constitution can only be made by a ? majority vote
at an AGM. Notice giving full details of the proposed changes shall be
sent to all members at least 14 days before the meeting.
WINDING UP
ABC LETS can only be wound up after a democratic consultation process
with all the members. A notice of an extraordinary general meeting will
be sent to all members at least three weeks before it is held. The notice
will invite all members to attend to discuss ways of enabling the system
to continue, and encourage members to come forward as candidates for the
various management roles. The system can only be wound up by a 2/3 majority
vote of the members.
After settling all sterling debts and obligations, any remaining property
shall be transferred to an organization with an ethical track record,
to be decided at the meeting.
10-5-2009