A. Furzedown LETS is a non-profit membership society or club or whatever. It is organised by the Furzedown LETS Management Group, who act on behalf of the members.
B. Furzedown LETS provides an information service through which members can exchange goods and services. It maintains accounts of all LETS transactions, publishes the accounts regularly to the members, and maintains and publishes accounts of any Sterling used in running the scheme.
C. Members agree to Furzedown LETS holding their details on computer and distributing to other members those details relevant to the purposes of the exchange.
D. Members may give or receive from one another credit in the Furzedown LETS unit, called the Furze. The Furze units are recorded on the Furzedown LETS accounts.
E. Money is not deposited into or issued from the Furzedown LETS unit accounts. Members may engage in any transaction entirely in LETS units, or on a part cash basis but only LETS units are recorded on the LETS accounts.
F. Only the account holder can authorise the transfer of units from their account to that of another (except for essential service changes, which may be transferred by the accountant from members' accounts to the LETS administration account).
G. No interest is charged on accounts. The Management Group is authorised to charge reasonable joining and renewable fees in the Furze units and/or Sterling. It may also levy reasonable service changes in LETS units on members' accounts. All charges are on a non-profit, value-for-money basis, agreed in consultation with the members .
H. All accounts start at zero. Members are not obliged to have a credit in their account before issuing another member with credit, subject to any debit limits that may be set by the Management Group.
I. No-one is obliged to accept any particular invitation to exchange, or to engage in any transaction with another member. On leaving Furzedown LETS, however, members with commitments outstanding are obliged to balance their account.
J. All members will receive details of the balances and turnovers of all the other accounts. The Management Group will publish the balances and turnovers of all accounts at least every six months, and will also make the balance and turnover of any account available to any member on request. It will also regularly publish Treasurer's reports on the Sterling accounts.
K. Furzedown LETS gives no warranty or undertaking as to the value, condition, or quality of services or items offered. Members should seek to determine for themselves the quality or standard of workmanship offered before agreeing a purchase. Furzedown LETS publishes a directory of resources and services made available by members but, as with any directory or newspaper, it cannot be held responsible for the quality of goods and services on offer.
L. Members are individually responsible for their own personal tax liabilities and returns and for any benefits entitlements. Furzedown LETS has no liability regarding members' tax or benefits entitlements, and has no obligation or liability to report to the tax or benefits authorities or collect any payments on their behalf.
M. Furzedown LETS administrators may decline to record an account or directory entry considered inappropriate for legal or other reasons.
N. Members have the right and are encouraged to attend any meetings of the Management Group, and to participate in decision-making. Members have the right of appeal on any management decision, both directly, and by representation via another member.
O. The Management Group reserve the right to deny membership to an applicant or organisation in exceptional circumstances at their discretion. They may act on behalf of Furzedown LETS in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. They may suspend membership in such cases or in cases of delinquent accounts, and in the last resort may remove members from the scheme.
P. Members agree to be bound by the conditions of these Rules and those embodied in the Constitution of Furzedown LETS.
