1. Name
1.1 The name of the organisation is Furzedown LETS.
2. Aims and Objectives
2.1 To develop and encourage the experience of community in Furzedown and the neighbouring area through the establishment of a LETS scheme.
2.2 To stimulate the creation of practical, educational, and social benefits by and for its members and the people in and around Furzedown.
3. Membership
3.1 Membership of Furzedown LETS is open without prejudice to any individual or organisation sympathetic to the aims of the scheme, subject to any restrictions or conditions that may be applied by the Management Group.
3.2 Membership is 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 Furzedown LETS Rules and Constitution.
3.3 Furzedown 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
4.1 Furzedown LETS is an unincorporated members' club of people willing to trade amongst themselves.
5. Organisational Basis
5.1 The rights and authority of Furzedown LETS are vested in all members, who delegate that authority to a Management Group to act on their behalf.
5.1a The Management Group is responsible for ensuring that the tasks of running the Furzedown LETS are effectively carried out.
5.1b The Management Group includes all those who have taken on the tasks of running the LETS and especially the coordinator, accountant, treasurer, directory producer, membership secretary, and fundraiser.
5.1c Only members of Furzedown LETS can join the Management Group.
5.2 An Advisory Group may be initiated by the members, or otherwise by the Management Group. Its functions are as follows:
5.2a To oversee and advise the Management Group on the organisation and development of the scheme as a whole.
5.2b To feed back information and advice on the management, organisation and direction of the scheme between the members and the Management Group.
5.2c To act as a member liaison and support group, presenting the proposals, opinions, advice and complaints of any members who may be unable to speak directly to the Management Group.
5.2d It is composed of Furzedown LETS members who are not presently carrying out the regular tasks of running Furzedown LETS.
5.2e It may also include advisors who are not members of the scheme.
5.2f At least one Advisory Group member will normally attend regular Management Group meetings.
5.3 A Mediation Group may be 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 Mediation Group consists of at least two (ideally three) people, who may also be members of the Advisory Group. They will meet from time to time as necessary. Management Group meetings will also normally be attended by one Mediator.
5.4 The first committee of the scheme 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 LETS rules and constitution; and will arrange and publicise to all members a first AGM within 12 months of their first meeting.
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, an Advisory Group, and Mediators.
6.3 Nominations for membership of the Management, Advisory, and Mediation 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 is the preferred means of decision making. (The exact method of election shall be determined by the first committee for the first AGM and thereafter by the Management Group.)
7. Functions of the Furzedown LETS Management Group
7.1 The Management Group undertakes the executive management of the scheme, apportioning such roles and functions as necessary to maintain the scheme 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 opinion.
e. Maintaining the financial viability of the scheme.
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 three months, and more frequently at the outset.
8.2 The Management Group shall publicise its meetings in advance to all members, normally through the regular LETS mailing or newsletter.
8.3 The Management Group shall keep a record of all its meetings, and make these available to all members, normally in the regular mailings.
8.4 The Management Group meetings are open for any member to attend and make a contribution.
8.5 The quorum shall be a majority or five members of the Management Group, whichever is larger.
8.6 Any Management Group member who is absent from three 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 Management Group may co-opt new members onto the Management Group, given the consent by majority vote of the group. Members so appointed hold office only until the following AGM, but are eligible for election at the meeting. Members may also be appointed for a shorter trial period.
8.8 Any Management Group member may be dismissed by a three-quarters majority vote of the entire Management Group, for reasons of mismanagement or gross misconduct.
8.9 At least one member of the Advisory Group and one Mediator shall also normally be present and empowered to vote at Management Group meetings.
9. General Meetings
9.1 The Management Group shall organise an Annual General Meeting once in every calendar year.
9.2 The Management Group shall arrange General Meetings (including Extraordinary General Meetings) at the request of either their own meeting or at least four members of the scheme.
9.3 Fourteen days notice of each General Meeting, or seven days notice of an 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 Furzedown LETS account of the <to be arranged> branch of <to be arranged> bank (or 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 Furzedown LETS shall be paid into or from the Furzedown LETS 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 scheme, 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 Furzedown LETS budget).
10.5 Any Management Group member who carries out an agreed activity on behalf of the scheme will not be held personally liable for reasonable debts, and will be entitled to be indemnified from Furzedown LETS 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 balance of funds by Furzedown LETS.
10.6 A copy of the most recent statements of accounts (in both 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 Furzedown LETS is a not-for-profit organisation. Any surplus funds over and above the running and development costs of the scheme will be directed to the Furzedown LETS Community Fund.
10.8 Decision making on the uses of the Furzedown 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, Advisory and Mediation Groups.
11. Changes to the Constitution
11.1 Any changes to this constitution can only by made by a three quarters majority vote at an Annual General Meeting. The quorum for such a meeting will be at least two thirds of the Management Group and five 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 Furzedown LETS can only be wound up after a democratic consultation process with all the members. A questionnaire will first 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 scheme 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 scheme can only be wound up by a two thirds majority vote of the membership by ballot, the results of which shall be available at a further General Meeting. At least two thirds of the Management Group and five 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 Furzedown LETS is 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 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.
