The purpose of the by-law document is identify and outline various rules, procedures and modes of operation with regard to the management of the Soaring Stock Investors Club Partners.
(1) Member responsibilities
- Each member is required to maintain an internet accessible E-Mail mailbox. This mailbox should be reviewed daily if possible. It is the intention of the club distribute minutes, valuation statements, assignments, and conduct quick reaction business via E-Mail. It is preferred that this E-Mail mailbox be capable of receiving enclosures.
- Each member is required to perform and present 3 Stock Selection Guide (SSG) analyses per year. Members should sign up to do analysis at the meeting prior to the meeting in which they intend on presenting the analysis. The Assistant Presiding Partner is responsible for coordinating this activity.
- Each member shall be assigned one or more of the stocks currently owned by the Club. The member is required to track this stock by periodically reviewing it's status. At each meeting the member is required to present the metrics data required to fill in the Stock Comparison Guide for this stock collected from an appropriate source within the last 10 working days. In addition, the member must make a recommendation that the Club BUY, SELL, or HOLD the stock during the next month. If the member anticipates missing a meeting he/she must provide the data to the Assistant Presiding Partner for presentation. Any club member failing to report on the status of an assigned stock for three consecutive meetings shall be considered in default and subject to the penalties stated in paragraph 20 of the partnership agreement.
- If more members exist than stocks to track then single stocks will be assigned to multiple members. The most recent metrics will be used during the meeting. If more stocks exist than members then multiple stocks will be assign to individual members. However, no member shall have 2 more stocks to track than any other member. This activity is the only way to assure that acceptable visibility is maintained on the stocks held by the Club.
- Each member is required to make a minimum contribution of $360 per year. Each member shall contribute no less than $90 in any three month period. Any member failing to contribute the minimum amount for three consecutive months shall be considered in default and subject to the penalties stated in paragraph 20 of the partnership agreement.
(2) Meetings
- Meetings will normally be held on the second Tuesday of each month at 7:00 PM in the Chamber of Commerce in Arlington, VA. Alternate meeting locations and schedules may be approved by club members to accommodate special circumstances.
- Members who plan to be absent from a scheduled meeting shall provide for a written (or E-Mail) proxy to another member.
- Members who miss three consecutive meetings and fail to provide a proxy for those meetings shall be considered in default and subject to the penalties stated in paragraph 20 of the partnership agreement.
(3) New Members
- Guests wishing to become members must meet the following criteria:
1. Prospective members must attend three meetings.
2. Prospective members must be sponsored by an existing member.
3. Prospective members must submit a letter to the club Presiding Partner requesting membership.
4. Prospective members must agree to take an SSG class at the earliest possible date.
- This class may be conducted by another member, council workshops, video tape, or e-mail.
5. Prospective members must prepare and present an SSG at a regularly scheduled meeting under the guidance of the sponsor.
6. After having completed the SSG classes, attending three meetings, and presenting an acceptable SSG, a vote is taken by the partners to approve membership.
- New members are required to pay a one time start-up fee of $50 to offset start-up costs incurred by the original members.
(4) By-Law amendment
- The by-laws may be amended by a majority vote by members holding a majority interest in the club.
- Amendments to the by-laws must be submitted in writing for discussion at least 1 meeting prior to a vote being cast.
(5) Duties and responsibilities of officers
Presiding Partner - Set meeting dates and locations, appoint committees, preside over meetings and see that resolutions passed by the partnership are carried out.
Assistant Presiding Partner - Take the place of the Presiding Partner when he is absent or incapacitated. Assign partners companies to report on at Club meetings and shall be responsible that the Club's study program is properly carried out.
Recording Partner - Keep record of actions authorized by the partners and notify members of meetings and other activities. Record minutes at Club meetings.
Financial Partner - Keep record of the Club's receipts and disbursements and members' interests in the Club. Take contributions from members. Prepare monthly liquidating value statement. Submit all required club tax returns by the required date as dictated by the Internal Revenue Service.
Cash Partner - The primary interface for the club to the broker. Place buy and sell orders authorized by the partnership. Brings the broker statement to each meeting for member review. Distributes stock quarterly reports and information from the broker to appropriate members.