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Thread: Syndicate Rules

  1. #1
    5 millionth post poster Gazwag's Avatar
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    Syndicate Rules


    0 Not allowed!
    Found this example in the web which may be a good starting point...........

    Rules / Terms and Conditions of Membership as at AUGUST 2010!
    Club Overview
    The Champagne Club was founded in 1988 by current Chairman Steve Fluin and operates to purchase, syndicate and race Greyhounds. The intention is to create a low risk opportunity for individuals to invest in top class greyhounds without having to personally pay high initial and ongoing costs.

    Membership
    Membership is available to individuals over the age of 18 by purchasing a share in any of the Club’s Greyhounds at the stated price at the time of purchase.

    Finances
    All monies collected from our members or won in prize money or received from stud fees are held in the Club bank account. Once a Greyhound has been sold or retired the monies left after deducting all costs are divided equally between the shareholders. Joining the Club is for enjoyment purposes and is not intended for financial gain.

    Decisions
    All decisions relating to the purchase, training, racing and sale of the Club’s Greyhounds will be at the sole discretion of the Chairman and Secretary of the Club.

    Members Obligations
    Members agree not to disclose racing information to Non Members. Members agree to dress and behave properly at any Club function or event. Failure to do so can lead to termination of Club membership.

    Discontinuation
    Should the Club be discontinued for whatever reason you will be notified and refunded the appropriate amount based on your share in each greyhound.

    General
    Your membership is personal to you and you are not entitled to transfer it to a third party. Any disputes will be settled in accordance with English Law.
    from http://www.thechampagneclub.com/term...onditions.html
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    • #2
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      0 Not allowed!
      That all seems fairly agreeable.
      I'd probably remove the general clause, or perhaps amend it so that if somebody wants to, they can sell their share on at the price paid for it, with the agreement of the syndicate chairperson.
      That then enables people to sell on if they wish, but at the same time should stop shares being punted around, willy nilly
    • #3
      5 millionth post poster Gazwag's Avatar
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      0 Not allowed!
      Had a bit of a mess around with it...............

      Rules / Terms and Conditions of Membership

      Club Overview
      The NSC Greyhound Syndicate was founded in 2010 and operates to purchase, syndicate and race Greyhounds. The intention is to create a low risk opportunity for individuals to invest in top class greyhounds without having to personally pay high initial and ongoing costs.

      Membership
      Membership is available to individuals over the age of 18 by purchasing a share in any of the Club’s Greyhounds at the stated price at the time of purchase.

      Finances
      All monies collected from our members or won in prize money or received from stud fees are held in the Club bank account. Once a Greyhound has been sold or retired the monies left after deducting all costs are divided equally between the shareholders. Joining the Club is for enjoyment purposes and is not intended for financial gain. Members agree to set up a standing order to transfer their ongoing contribution into the Club bank account on the first day of each month.

      Decisions
      All decisions relating to the purchase, naming and sale of the Club’s Greyhounds will be at a majority decision by the members of the Syndicate. Decisions relating to the training and racing of the Club's Greyhounds will be at the discretion of the Chairman and Secretary.

      Members Obligations
      Members agree not to disclose racing information to Non Members. Members agree to dress and behave properly at any Club function or event. Failure to do so can lead to termination of Club membership.

      Discontinuation
      Should the Club be discontinued for whatever reason you will be notified and refunded the appropriate amount based on your share in each greyhound.

      General
      Your membership is personal to you and you are not entitled to transfer it to a third party without express permission of the other members. Any disputes will be settled in accordance with English Law.
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    • #4
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      0 Not allowed!
      All seems about right to me.

      One addition though.... i think we need to put in what happens if a member wants 'out' of the syndicate.

      In this case i would suggest that said member can try to sell their share for whatever they can get for it. Also there maybe provision for the syndicate to buy the share? but this would ultimately mean cutting down the numbers and defeating the object.
    • #5
      5 millionth post poster Gazwag's Avatar
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      0 Not allowed!
      It's certainly something that needs thought.

      If you look at it like a Limited Company, once the initial members buy their shares at par (ie £100 each share) and the Company commences to trade the cost for future members to buy shares could be higher and usually based on the assets/liabilities and new shares are purchased at par + a premium.

      The whole idea is to have fun with all "profits" if they happen ploughed back in with the possibility of more dogs BUT it should also be considered that if we are really lucky and get a real winner it could in theory make good money in the future so if new members join a year down the line they would share in this good luck and dilute it for the initial members.

      Therefore should there be a maximum fixed number of shares and once that level is met people can only join when an existing member sells their share at a value agreed between them.

      Just a few thoughts that we should really get agreement on at the start to avoid possible problems in the future.

      Once its all started, I guess as well as all signing the rules each member should have a share certificate.
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    • #6

      0 Not allowed!
      Quote Originally Posted by Gazwag View Post
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      It's certainly something that needs thought.

      If you look at it like a Limited Company, once the initial members buy their shares at par (ie £100 each share) and the Company commences to trade the cost for future members to buy shares could be higher and usually based on the assets/liabilities and new shares are purchased at par + a premium.

      The whole idea is to have fun with all "profits" if they happen ploughed back in with the possibility of more dogs BUT it should also be considered that if we are really lucky and get a real winner it could in theory make good money in the future so if new members join a year down the line they would share in this good luck and dilute it for the initial members.

      Therefore should there be a maximum fixed number of shares and once that level is met people can only join when an existing member sells their share at a value agreed between them.

      Just a few thoughts that we should really get agreement on at the start to avoid possible problems in the future.

      Once its all started, I guess as well as all signing the rules each member should have a share certificate.
      I agree pretty much with what you have said and I think the fixed amount of shares will be decided once the deadline date arrives.
    • #7
      U.T.A. Barry Izbak's Avatar
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      0 Not allowed!
      Quote Originally Posted by Gazwag View Post
      This quote is hidden because you are ignoring this member. Show Quote
      Just a few thoughts that we should really get agreement on at the start to avoid possible problems in the future.

      Once its all started, I guess as well as all signing the rules each member should have a share certificate.
      This is an excellent idea. We need to agree a set of rules and then perhaps print them on the back of the certificate (or half certficate).

      There also needs to be a rule to help the syndicate recover a share if, for example, a member disappears and just stops paying their monthly £20.

      Maybe;

      NON PAYMENT OF MONTHLY FEE
      If a member is having difficulty paying a monthly sub, they can ask for a deferrment by posting on the Greyhound forum. That deferment can be granted by a majority of members posting in favour.
      This is meant to recognise that from time to time people might have a problem and normally the rest of the group will recognise this, but it will possibly prevent regular deferments and non payment.

      If a member of the syndicate fails to pay their monthly fees and gets into arrears by three months they will be deemed to have given up their share and it will pass to the first person the syndicate identifies as wanting it from a waiting list or by auction.
      This whole thing is supposed to be just for a laugh and we don't want it to get all difficult and heavy, but we do need some to have some sort of sanction available.

      SYNDICATE FOLDS
      We could also do with something covering if we decide to pack it in, perhaps along the lines of the old Albion articles of association that the **** Archer took out of the football club;
      ....if the syndicate folds the balance in the account would be distributed to Charity / Albion supporters club / Albion in the community or whatever.

      SYNDICATE IN TROUBLE
      And we need to cover the possibility of us owing more than we have in the bank. Nightmare scenario, but some huge vets bill = more than the balance. Unlikely with £200 coming in every month maybe, but what if its not?

      Oh and I want Bozza to come up with a NSC Greyhound Smillie - but I don't suppose we can put this is the rules

      Plenty to get sorted before we are really up and running
      I have not forgiven Lewes Council, or DeVeggie, or Archer, or Bellotti, or Stanley, or Bailey, or Whiteside, or Challis, or Saints and Spurs for that 0-0 in 1978.
      I don't get over things and I don't move on easily. OK?
    • #8
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      0 Not allowed!
      Quote Originally Posted by Barry Izbak View Post
      This quote is hidden because you are ignoring this member. Show Quote
      This is an excellent idea. We need to agree a set of rules and then perhaps print them on the back of the certificate (or half certficate).

      There also needs to be a rule to help the syndicate recover a share if, for example, a member disappears and just stops paying their monthly £20.

      Maybe;

      NON PAYMENT OF MONTHLY FEE
      If a member is having difficulty paying a monthly sub, they can ask for a deferrment by posting on the Greyhound forum. That deferment can be granted by a majority of members posting in favour.
      This is meant to recognise that from time to time people might have a problem and normally the rest of the group will recognise this, but it will possibly prevent regular deferments and non payment.

      If a member of the syndicate fails to pay their monthly fees and gets into arrears by three months they will be deemed to have given up their share and it will pass to the first person the syndicate identifies as wanting it from a waiting list or by auction.
      This whole thing is supposed to be just for a laugh and we don't want it to get all difficult and heavy, but we do need some to have some sort of sanction available.

      SYNDICATE FOLDS
      We could also do with something covering if we decide to pack it in, perhaps along the lines of the old Albion articles of association that the **** Archer took out of the football club;
      ....if the syndicate folds the balance in the account would be distributed to Charity / Albion supporters club / Albion in the community or whatever.

      SYNDICATE IN TROUBLE
      And we need to cover the possibility of us owing more than we have in the bank. Nightmare scenario, but some huge vets bill = more than the balance. Unlikely with £200 coming in every month maybe, but what if its not?

      Oh and I want Bozza to come up with a NSC Greyhound Smillie - but I don't suppose we can put this is the rules

      Plenty to get sorted before we are really up and running
      All sounds logical to me!
    • #9
      U.T.A. Barry Izbak's Avatar
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      0 Not allowed!
      All shareholders should by now have received a copy of draft 2 of the rules in their email inbox

      EXCEPT
      SAFEWAY who is in the internet wilderness of Hove seafront and
      ARFURW8 coz I ain't got your email address yet my old son!

      Can you cast an eye over it and post on here any amendments or anything you think.

      We don't want to drag out this boring stuff, but I reckon its worth getting it right - then we can get on with racing the first of our champion string of dogs!
      I have not forgiven Lewes Council, or DeVeggie, or Archer, or Bellotti, or Stanley, or Bailey, or Whiteside, or Challis, or Saints and Spurs for that 0-0 in 1978.
      I don't get over things and I don't move on easily. OK?
    • #10
      5 millionth post poster Gazwag's Avatar
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      0 Not allowed!
      Looks all ok to me, sorry I should have let you have the 1st draft as a word document as well as a pdf so you didn't have to re-type it all.

      Just one minor spelling change - sundry not sundrie

      Well done to all those who have got things going, it should be fun
      Become a fan of Northstandchat Dogs Syndicate and follow @NSCGreyhounds on Twitter

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