The executive committee consists of three executive members – the chairperson, the treasurer and the secretary.
Executive members are elected by members by voting the units which they hold, or commit to hold in the investment club once it is formed.
Once the investment club is formed, members vote their units in the election of this committee. Each unit represents one vote.
The responsibilities of the executive committee are as follows:
- To notify all members of the time and venue of meetings in good time.
- To formulate an agenda for meetings.
- To chair the meetings and ensure orderly conduct at meetings.
- To allow time at meetings for the views of individual members to be properly expressed on any resolution.
- To conduct, with the assistance of the secretary, a vote by show of hands on any resolutions after allowing sufficient discussion.
- To exercise a casting vote if the meeting is deadlocked by a tied vote.
- To act as a signatory on the chequing account and stockbroking account together with the secretary and/or treasurer.
- Executing purchases and sales of shares on the stockbroking account in accordance with the decisions of the members voting their units at a properly constituted meeting.
- Ensuring that all transactions of the investment club which appear in the stockbroking and banking account are properly and timeously recorded in the investment club software.
- Ensuring that the investment club software agrees with both the bank account and the stockbroking account at all times.
- Presenting at meetings, as the first order of business, the state of the investment club portfolio and bank account and demonstrating that they agree with the investment club software.
- To ensure that the unit value of the investment club portfolio is a correct reflection of the shares and cash held in the portfolio plus the cash held in the stockbroking account and the bank account.
- To act as a signatory on the bank account together with the secretary and/or chairperson.
- Managing and recording registrations and de-registrations of members.
- To circulate all members with details of any meeting of the investment club.
- To conduct the vote at any meeting and count the number of votes in favour and against any resolution.
- To record and type up minutes of every meeting ensuring that all decisions taken are properly recorded in the minutes.
- To circulate the minutes to all members timeously.
- Ensure that the requirements of this constitution are followed by all members of the investment club.
- To maintain an up-to-date register on the investment club software of all members together with their contact details and addresses.
- To act as signatory on the bank account and stockbroking account together with the chairperson and/or the treasurer.