1) The name of the Organisation is LETS, referred to as ‘the System’ in this constitution.
2) Aims & Objectives
a) To encourage the community experience in Heanor & District through the
Establishment of a Local Exchange Trading System
b) To stimulate the creation of a social and economical benefits system, by its members for the people of Heanor & District
a) Membership of the System shall be open to any individual without prejudice, sympathetic to the aims of the System.
b) Restrictions may be applied by the core group in exceptional cases, such as the abuse of the System.
c) Any restrictions shall be imposed in accordance with the rules and procedures agreed at a General Meeting.
d) Membership shall be dependent on: - The payment of membership fees, renewable annually. With the endorsement of the LETS Membership Agreement and Constitution
e) LETS are not political, and will not affiliate to any political Organisation.
4) Legal Status
LETS is an unincorporated members club/society of people willing to trade amongst themselves, with each party having benefits.
5) Organisational Basis
a) The rights and authority of Heanor & District LETS are vested in all members, who delegate authority, as appropriate, to a CORE GROUP to act on their behalf.
b) The Core Group undertakes to carry out all tasks entrusted to it to ensure the effective running of the System.
c) The Core Group includes all those who have taken on the tasks of running the LETS System, especially the Accountant, Treasurer, Membership Secretary, Directory Administrator, News Letter Editor and Website Editor.
d) Only members of the LETS System can join the Core Group.
e) The Core Group shall arrange meetings in accordance with the procedures laid down in this constitution.
6) Advisory Group
a) An ADVISORY GROUP may be initiated by the members, or otherwise by the Core Group, with the functions including: - To oversee and advise the Core Group on the Organisation and development of the System as a whole.
b) To feedback information and advice on the management, Organisation and direction of the System between the members and the Core Group.
c) 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 Core Group.
d) It is composed of LETS System members who are not presently carrying out the regular tasks of running the System.
e) At least one Advisory Group member will normally attend regular Core Group meetings.
f) To ensure the accountability of the Core Group to the Membership
g) To adjudicate in any cases of dispute between members, or between members and the Core Group.
7) GROUP MEMBERS shall agree:-
a) The appointment of members to the Core Group.
b) Signatories to any sterling accounts and the name of the bank to be used. (When required)
c) The name and value of the System unit of exchange
d) Adoption of the Constitution and Membership Agreement.
6) Decision Making Process
a) Membership entitles each holder to one vote at A General Meeting.
b) The members at the AGM shall appoint a Core Group, and may appoint an Advisory Group and Advisors.
c) Nominations for membership of the Core and Advisory Groups are invited before the start of the AGM. Any member in good standing is eligible for election at the AGM. The exact method of election shall be by majority vote of all the members at the AGM.
7) Function of the LETS Core Group
a) The Core Group undertakes to manage the System on behalf of the Membership, appointing such roles and functions as necessary to maintain the System in the interests of the Membership as a whole.
b) Maintaining an up to date list of all members these will be found on the trading site. (As all will be registered)
c) Recording accurately Members transactions and supplying accounts
d) Publicise directories which will be done on line (Unless no internet)
e) Communicating with Members and taking note of their opinions
f) Maintaining the financial viability of the System
8) Core Group Meetings
a) The Core Group shall arrange and determine the timing and frequency of its meetings. This will normally be once every month and more frequently when and if required.
b) The Core Group shall publicise it’s meetings at least 7 days in advance to all members, normally through the regular System mailing or calendar. This can be found via the web site under events, within the calendar.
c) The Core Group shall keep a record of all its meetings (minutes) and make these available to all members, normally down loaded from the web site, in the members area.
d) Core Group meetings are open for any member to attend and make a contribution.
e) Any Core Group member who is absent for three consecutive meetings, without good reason or notice may be deemed to have resigned their position, and if deemed so will be notified to that effect.
f) Any Core Group member may be dismissed by a three-quarters majority vote of the entire Core Group, for reasons of exceptional mismanagement, gross misconduct or abuse of the system.
9) General Meetings
a) The Core Group shall organise an Annual General Meeting once every calendar year.
b) The Core Group shall arrange General Meetings monthly ( When 50 Or More Members have joined the group ).
c) Membership entitles each holder to vote at each General Meeting.
10) Financea) Any monies received shall be paid into the LETS account.
b) No member shall derive any financial benefit from the System, other than the payment of reasonable expenses.
c) Members can be paid reasonable wages in local currency for administrative work carried out in agreement with the Core Group.
d) A copy of the most recent statement of accounts (in both sterling and the local currency) shall be made available to any member on request, and shall be presented at each AGM.
e) LETS are a non-profit-making Organisation. Any surplus funds over and above the running costs and development costs of the System will be directed to consultation with the members at a meeting, publicised to all members in advance. Members may vote in person (1 vote per person) or by the web site. Majority vote decision and will include, the votes of all the members and of the Core group.
f) LETS will not buy back any Slabs that you have, if you decide to leave the Organisation, this means you will forfeit them.
11) Changes to the Constitution
a) Any changes to this constitution can only be made by a two thirds majority vote at a General Meeting. Notice giving full details of the proposed changes shall be posted to each member at least 14 days before the meeting.
12) Winding up Heanor & District LETS
a) 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 3 weeks before it is held. The notice will invite all members to attend to discuss ways of enabling LETS to continue and encourage members to come forward as candidates for the various management roles.
b) Following the Extraordinary General Meeting, voting papers will be sent to all members to decide the future of the LETS. The System can only be wound up by a two thirds majority of the membership by ballot, the results of which shall be available at a further General Meeting. A notice giving full details of that General Meeting will be posted to all members at least 14 days before the meeting.
c) After settling all debts and obligations, any remaining monies and property shall be transferred to an Organisation or Charity with an ethical track record, to be decided at the meeting.