Loot Lizards Investment Club ByLaws

  1. Monthly meetings will be scheduled to occur on the second Thursday of each month.

  2. Meetings will be conducted in accordance with the Standard Agenda.

  3. Elections of new officers will be in January of each year for:
    1. President
    2. Vice-President
    3. Treasurer
    4. Secretary
    5. Portfolio Manager
    6. Cruise Director (optional)

  4. In the Absence of the President, the Vice-President shall conduct the monthly meeting. In the Vice-President’s absence, the Secretary will conduct the meeting.

  5. Each partner will present at least two stock reports or other research projects per calendar year. Failure to meet this requirement will result in one warning after which a $10 case penalty will be incurred for subsequent failures to fill club research obligations.

  6. Any partner failing to execute a stock report assignment or failing to find a substitute to fill his/her obligation for an assignment (after being issued one warning) will be assessed a $10 cash penalty

  7. Penalties assessed to offending partners may be paid in cash or will be deducted from subsequent contributions or withdrawals made by the partner after December 31 of the calendar year.

  8. At least two investment analysis assignments will be presented at each meeting.

  9. Voting will be weighted equally in the purchase of new investments and in proportion to each member’s capital account with majority ruling in the sale of investments from the current portfolio.
    1. Members will vote on their preferred investments of the newly presented alternatives.
    2. The selected investment will be compared with alternatives in the existing portfolio.
    3. A final vote on the club’s monthly purchase/sell decision will be taken.
    4. Proxy statements will be counted in voting as long as they are put in writing and brought to the meeting for inspections by the partners.

  10. The recommended minimum contribution is $20.00 per month per member to assure adequate investment resources. In addition, each member will also be assessed an annual expense fee of $12, payable at the January meeting. New members will be pro-rated at $1 per month.

  11. The selected monthly stock transaction(s) shall be completed the day following a meeting. Delays resulting from a need to transfer funds, waiting for members to get checks into the Treasurer, or delays on the broker side in crediting receipt of payment are all grounds for being unable to complete a transaction on the day following a meeting.

  12. As a minimum, at least the Treasurer must be bonded up to the projected value of the club for the length of his/her term.

  13. The annual year-end audit of the club’s books shall be made by January 31 and before the year-end tax statements are produced.

  14. The bylaws and any future changes to the bylaws shall be approved by a two-thirds majority of the partnership.

  15. In the event of financial hardship, outside commitments, or other constraints on a partner’s ability to participate in the club’s activities (and in particular, requirement 5 above), a partner may, at his/her discretion, go on inactive status. This means that they remain a partner in good standing but are no longer obligated to fulfill requirement 5 or to attend meetings. However, they are still obligated to pay the annual expense fee.
  16. Withdrawals of shares can be handled two ways:

Bylaws were last updated January, 1999.