Members Agreement & Constitution

MEMBERS AGREEMENT

A. The Local Exchange Trading System is a non-profit membership society or club whose rights and authority are invested in the LETS Core Group who act on behalf of the members.

B. The LETSystem provides an information service through which members can exchange goods and services, and maintains a central account of that exchange for the benefit of members.

C. Members agree to the LETSystem holding their details on computer and distributing to other members those details relevant to the purposes of exchange.

D. Members may give or receive from each other credit in the accepted LETS unit of account (called Rheidol). These units are considered to represent the equivalent of £1 sterling.

E. Only the account-holder can authorise the transfer of units from their account to that of another.

F. No money is deposited or issued. Members may engage in any transaction entirely in LETS units or on a part cash basis, but only LETS units are recorded on the LETSystem.

G. All accounts start at zero. Members are not obliged to be in receipt of any credit before issuing another member with credit from their account, subject to any limit that may be set by the Core Group.

H. No member is obliged to accept any invitation to exchange, or to engage in any transaction whatsoever with other members. On leaving the LETSystem, however, members with commitments outstanding are trusted to balance their account.

I. Any member is entitled to know the balance and turnover of another member's account. The Core Group may also decide from time to time to publish the balances and turnovers of all accounts.

J. No interest is charged on balances. The Core Group is authorised to charge joining and renewal fees in LETS units and/or sterling on a cost-of-service basis as the situation requires.

K. The LETSystem administrator may decline to record an account or directory entry considered inappropriate for legal or other reasons.

L. No warranty or undertaking as to the value, condition or quality of services or items exchanged is expressed or implied by virtue of the introduction of members to each other. The LETSystem publishes a list of the resources and services made available by members, but cannot be held responsible for the actual goods and services on offer.

M. Members are individually responsible for their own personal tax liabilities and returns. The LETSystem has no obligation or liability to report to the tax authorities or to collect taxes on their behalf.

N. Members have the right and are encouraged to attend any meeting of the Core Group, and to participate in decision-making.

O. The Core Group may act on behalf of the members in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. CyFLe Aberystwyth LETS retains the right to suspend membership in the extreme case of members abusing the system.

P. Members agree to be bound by the conditions of this Agreement.

CONSTITUTION
as adopted at the AGM on 15 May 2000

1. NAME
The name of the organisation is CyFLe Aberystwyth LETS, referred to as "the system" in this Constitution.

2. AIMS & OBJECTIVES
2.1 To develop and encourage the experience of community in the Aberystwyth area through the establishment of a local exchange trading scheme.
2.2 To stimulate the creation of social, economic and educational benefits by and for its members and the people of the locality of Aberystwyth.

3. MEMBERSHIP
3.1 Membership of the system shall be open without prejudice to any individual or organisation sympathetic to the aims of the system, subject to any restrictions or conditions that may be applied by the Management Group.
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 CyFLe Aberystwyth LETS Members Agreement and Constitution.
3.3 CyFLe Aberystwyth LETS follows an equal opportunities policy and does not discriminate on the basis of age, gender, culture or race. It is non-sectarian and non-party political and will not affiliate to any party political organisation.

4. LEGAL STATUS
CyFLe Aberystwyth LETS is an unincorporated members' club of people willing to trade amongst themselves.

5. ORGANISATIONAL BASIS
5.1 The rights and authority of CyFLe Aberystwyth LETS are vested in all members, who delegate that authority to a MANAGEMENT GROUP to act on their behalf.
(a) The Management Group is responsible for ensuring that the tasks of running the system are effectively carried out.
(b) The Management Group includes all those who have taken on the tasks of running CyFLe Aberystwyth LETS, and especially the coordinator, accountant, treasurer, directory producer, membership secretary and fundraiser.
(c) Only members of CyFLe Aberystwyth LETS can join the Management Group.
5.2 AN ARBITRATION GROUP is set up with the following functions:
a) To ensure the accountability of the Management Group to the membership.
b) To adjudicate in any cases of dispute between members, or between members and the Management Group.
The group consists of three people. They will meet from time to time as necessary. Management Group meetings will also normally be attended by one Arbitrator.

6. DECISION-MAKING PROCESSES
6.1 Membership entitles each holder to one vote at general meetings.
6.2 The members at the AGM shall appoint a Management Group and Arbitrators.
6.3 Nominations for membership of the Management and Arbitration Groups are invited before the start of the AGM. Any member in good standing is eligible for election at the AGM.
6.4 Consensus vote shall be the preferred means of decision making. (The exact method of election shall be determined by the Management Group).

7. FUNCTIONS OF THE LETS MANAGEMENT GROUP
The Management Group undertakes the executive management of the LETS, apportioning such roles and functions as necessary to maintain the system in the interests of the membership as a whole, including:
(a) Maintaining an up-to-date list of all members.
(b) Recording accurately members' transactions, and supplying accounts.
(c) Publishing directories.
(d) Communicating with the membership and taking note of their opinions.
(e) Maintaining the financial viability of the system.

8. MANAGEMENT GROUP MEETINGS
8.1 The Management Group shall arrange and determine the timing and frequency of its meetings. This will normally be at least every 3 months.
8.2 The Group shall publicise its meetings in advance to all members, normally through the regular system mailing or newsletter.
8.3 The Group shall keep a record of all its meetings, and make these available to all members, normally in the regular mailings.
8.4 Group meetings are open for any member to attend and make a contribution.
8.5 The quorum shall be a minimum of 3 members of the Group.
8.6 Any Group member who is absent from 3 consecutive meetings without good reason or notice shall be deemed to have resigned their position, and if deemed so shall be notified to that effect.
8.7 The Group may co-opt new members onto the Group, given the 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.
8.8 Any Group member may be dismissed by a three-quarters majority vote of the entire Group, for reasons of mismanagement or gross misconduct.
8.9 At least one Arbitrator shall also normally be present and empowered to vote at Group meetings.

9. GENERAL MEETINGS
9.1 The Management Group shall organise an Annual General Meeting once in every calendar year.
9.2 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.
9.3 Seven days notice of each General Meeting, or Extraordinary General Meeting, shall be given to members.
9.4 Membership entitles each individual holder to vote at any General Meeting. In the case of organisational memberships, no extra voting right is given to the organisation.

10. FINANCE
10.1 Any monies received shall be paid into the CyFLe Aberystwyth LETS account of the Aberystwyth branch of the Lloyds TSB bank (or at such other bank as the Management Group shall decide from time to time and in accordance with instructions from a General Meeting).
10.2 Any monies received or paid out in the name of the system shall be paid into or from the system account. The Management Group shall decide from time to time which signatories can be accepted for financial transactions with the bank. 10.3 No member shall derive any sterling financial benefit from the system other than the payment of reasonable expenses.
10.4 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 CyFLe Aberystwyth LETS budget).
10.5 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 entitled to be indemnified from the system funds provided that such payment is agreed in advance and that no payment shall be made, or obligations entered into, which cannot be met from the balances of funds held by the system.
10.6 A copy of the most recent statements 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.
10.7 CyFLe Aberystwyth LETS is a not-for-profit organisation. Any surplus funds over and above the running costs and development costs of the system will be directed to the CyFLe Aberystwyth LETS Community Fund.
10.8 Decision-making on the uses of the CyFLe Aberystwyth LETS Community Fund will be subject to consultation with the members at a meeting, publicised to all members in advance. Members may vote in person or by proxy. Decision-making will be by majority vote, and will include the votes of all the members of the Management and Arbitration Groups. 

11. CHANGES TO THE CONSTITUTION
Any changes to this constitution can only be made by a 3/4 majority vote at an Annual General Meeting. The quorum for such a meeting will be at least 2/3rds of the Management Group and 5 other members. Notices giving full details of the proposed changes shall be posted to all members at least 14 days before the meeting.  

12. WINDING UP
12.1 The system can only be wound up after a democratic consultation process with all the members. A questionnaire will firstly be circulated to all members inviting feedback, and nominations for the various management roles. At least one month thereafter, 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.
12.2 Following the Extraordinary General Meeting, voting papers will be sent to all members to decide the future of the scheme. The system can only be wound up by a 2/3rds majority vote of the membership by ballot, the results of which shall be available at a further General Meeting. At least 2/3rds of the Management Group and 5 other members shall attend. A notice giving full details will have been posted to all members at least 14 days before the meeting.
12.3 If CyFLe Aberystwyth LETS is to be wound up, those members with accounts in debit to a significant extent (the amount to be decided by consensus at the meeting) will be given a reasonable period of time in which to repay the bulk of their debit to the membership. Members whose balances are significantly in credit will be identified and efforts made to assist them in balancing their accounts.
At the end of this period, the names of any members with large outstanding debits will be made known to the members.
12.4 After settling all sterling debts and obligations, any remaining property shall be transferred to an organisation with an ethical track record, to be decided at the meeting. 

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