Club By-laws

HOMEROW INVESTMENT CLUB  BY-LAWS

       I.  DEFINITIONS

  1. HRIC means HomeRow Investment Club, formed as a Limited Liability Company on BEGINNING DATE[ ] and more fully described as a Membership Agreement.
  2. “Member of the HRIC” shall mean a “active investor” of the HRIC.

II. OFFICERS

  1. The HRIC offiers shall consist of President, Vice President, Secretary, Treasurer.
  2. Duties of the officers will include, but not be limited to the following:

The PRESIDENT will appoint committees, oversee all HRIC activities, and preside over all HRIC meetings. The PRESIDENT will have the power to create and conduct an agenda for all meetings and may enforce or waive formalities of such an agenda. The PRESIDENT will have the power to recommend disciplinary action to any Member who, in the opinion of a member of the HRIC, is considered to have acted contrary to the provisions of these By Laws or has displayed negligence in the performance of duties or expectations. The PRESIDENT will also have the power to BUY and SELL properties in absence of the TREASURER.

The VICE PRESIDENT will assume the duties of the PRESIDENT when absent or unable to serve the office. The VICE PRESIDENT will be responsible for the activities, progress, and reports of all committees that are formed. The VICE PRESIDENT is also in charge of all educational activities.

The SECRETARY will keep a record of HRIC business and issue a report of all meetings. The SECRETARY will be responsible for all correspondence pertaining to the HRIC, including the distribution of reports from meetings, officers and committees. Upon notification by the PRESIDENT or the TREASURER; the SECRETARY will issue a notice to any Member regarding any fines or disciplinary action and include the reason and decision for the action. The SECRETARY must keep hard copies of all HRIC correspondence.

The TREASURER will keep record of all HRIC financial activities, calculate and distribute statements each month, and any other financial reports required. The TREASURER will maintain records accounting for the HRIC financial operation, assets, and individual accounts.

The TREASURER will serve as agent for the Membership to place BUY and SELL properties; and will distribute and collect funds with President and Vice-President signatures. The TREASURER will be responsible for all cash and other monetary transactions; the collection of dues; and notifying the SECRETARY of Members in default of dues with President and Vice-President signatures.

The office of President and Vice-President held by founder and co-founders or whom they appoint for said positions. All other Officers will be elected by the total Membership at the first meeting of the HRIC and to two-year terms at duly called Annual meetings thereafter. Officers may succeed themselves in office upon re-election, except for the office of President and Vice-President.

Annually, during the month of November, the President shall call for nominations from the HRIC for open officer positions. The HRIC shall then elect the above officers following the voting procedures described below. The officers shall assume their duties on January 1 of that year.

  1. Any officer position [Except for the office of President and Vice-President] that becomes vacant during the year shall be filled as soon as possible following the same nomination and voting procedure described above.
  2. Each office shall be held by a different person.
  3. Each officer is encouraged to appoint an assistant, with approval by either President or Vice-President.

III. MEMBERS

  1. All HRIC Members shall participate in ongoing activities of the HRIC by:
  • Regularly contributing constructive comments about HRIC operations and investment opportunities;
  • Making regular payments to the HRIC;
  • Keeping a current mailing address on file with the Secretary at all times;
  • Reviewing monthly and year-end HRIC reports, including all financial and tax-information reports, and;
  1. PROCEDURES
  2. Regular meetings will be held quarterly as voted by the HRIC. Meetings shall be held at a location agreed upon by HRIC. E-mailed notices shall be sent to each member at least one week in advance of the meeting.
  3. November is designated for the Annual meeting. At the Annual meeting all Members will be issued the Annual Report and HRIC elections will be conducted. The Secretary will give notice to the Membership as to the time, date, and location of the Annual Meeting and issue a proxy for the election of Officers to the entire Membership.
  4. Special meetings may be called by the President or Vice-President of the HRIC upon verbal or written notice to the members of the HRIC.
  5. The presence or duly executed proxies of sixty percent (60%) of the active members of the HRIC Investment Club including either the President or the Vice-President of the HRIC will constitute a quorum sufficient to transact business.
  6. FINANCIAL STATEMENTS
  7. A quarterly statement shall list all assets, at cost and market values, and liabilities of HRIC.
  8. The Treasurer shall also prepare a summary statement of capital accounts maintained in the name of each Member, as provided in Paragraph 8 of the Membership Agreement.
  9. The annual HRIC accounting shall show the distribution of short and long-term projects, and expenses.
  10. VOTING
  11. The right to vote is limited to active Members.
  12. Approved methods of voting are VERBAL, SIMPLE MAJORITY, TWO-THIRDS MAJORITY, POINT SYSTEM BALLOT, WRITTEN BALLOT, WEIGHTED BALLOT and PROXY. However, in the absence of a formal motion to conduct a given vote in another manner, all votes shall be carried by the President, Vice-President, and Treasurer.
  13. Members will be entitled to submit three proxies per calendar year.

VII. GUESTS AND NEW MEMBERS

  1. Members are permitted to invite guests to attend regularly scheduled meetings with PRIOR majority approval of the Members at any regular or specially called meetings.
  2. Guests are required to actively participate in HRIC discussions and activities for two (2) months before consideration is given to adding the guest to the HRIC. Guests must complete at least one property selection worksheet before membership to the HRIC is voted upon.
  3. The number of Members shall be limited to one hundred (100). Only by membership form of voting will this be increased or decreased.
  4. The acceptance of new Members will be voted on by the HRIC as outlined in Section VII-A above.

VIII.  BANK(S) AND BROKER(S)

  1. The HRIC shall maintain checking account(s) at the bank(s) that the HRIC deems necessary or desirable.
  2. The HRIC shall request the bank send statements directly to the President, Vice-President, Treasurer and Secretary, or the Treasurer will send the electronic statement to the President, Vice-President and Secretary.
  3. All requests for funds shall be made in writing and be signed by three (3) officers [President, Vice-President and/ Treasurer, Secretary of the HRIC. However, only one (1) assigned agent need be present for property purchases.
  4. PAYMENTS
  5. One payment of is required for one-time application fee. Fee is subject to change upon administration need.
  6. Annual membership fee of one hundred dollars ($100) is due per Member are due upon acceptance of Member, then once a year at Annual meeting {November}.
  7. If available and desired, Members may arrange for automatic once yearly withdrawal from the Member’s personal checking or other account to be deposited into the HRIC account. Any expense for this shall be borne by the individual Member.
  8. Non-payment of due exceeding two (2) consecutive months shall cause the Member to be designated inactive. The Treasurer shall notify the Secretary of any inactive Members and the Secretary shall inquire by certified-return receipt mail as to the reason for the non-participation of any inactive Member.
  9. Non-payment of due for three (3) consecutive months shall be deemed written notice of withdrawal in accordance with Paragraph 18 of the Membership Agreement unless a waiver is granted by three (3) HRIC officers.
  10. The HRIC shall not assess a fine against Members for late payments.
  11. EXPENSE REIMBURSEMENT
  12. From time to time, the HRIC may request a Member to purchase goods or services for the benefit of the HRIC. Upon request of the Member, the cost of such expenditure shall be reimbursed by the HRIC upon furnishing receipts for such purchase.
  13. The President may authorize expenditures of less than $25. The total of such Presidential expenditures shall not exceed $125 in any calendar year.
  14. Expenditures of $25 or more shall be authorized only by (3) HRIC officers.

XII. REMOVAL

  1. Failure by a member of the HRIC to fulfill the duties as previously defined for three (3) consecutive months shall be deemed cause for consideration for removal in accordance with Paragraph 16B of the Membership Agreement. A two-thirds majority vote of the remaining members of the HRIC shall be necessary for removal of a Member. Such removal shall be deemed written notice of withdrawal of the Membership Agreement.

XIV. AMENDMENT OF THESE Bylaws

  1. These Bylaws may be amended by three (3) HRIC officers or vote upon at any regularly scheduled meeting
  2. These Bylaws shall be construed in accordance with the Membership Agreement and, in any conflict, the Membership Agreement shall rule.