Minutes of the Launch Meeting on 07 01 07

This is an abridged version of our minutes-members should have received a fuller version
1) Present:
Tony Maina (Chair)
2) Apologies:
3) Introductions: The meeting began with members introducing themselves. It is greatly appreciated that we have a very diverse club with a variety of professions and different levels of experience in terms of participation in the stock market.
4) Overview: An overview of how we envisioned the investment club to work was given and members invited to ask questions. This also touched on progress made in kicking-off operations. 5) Review of the KCIG Constitution: We reviewed the constitution section by section with amendments suggested for:
Article II (Section 2)-On Club goals: An additional goal was suggested and agreed as follows. To be a value-based network.
Article II (Section 4)-New Members: We can accept new members-subject to the 20 members cap. However as per above, we will need to define what we are looking for in a new member.
Article III (Section 1)-Meetings: Timing-It was suggested that it is very important that members are ON-TIME for meetings as a sign of respect for their fellow members. The club officials were tasked to ensure that meetings are kept to time and adhere to agenda. It was unanimously agreed that the monthly meetings will be held on the first Sunday of every month.
Article III (Section 1)-Meetings: Venue-given the cost of venues, it was suggested that the club could take advantage of the fact that has a ltd company which allows him to get of meeting venues at a lower cost. Njindo will investigate this further.
Article III (Section 1)-Meetings: Tactical meetings: Given the speed at which the markets, it was suggested that club should be able to hold tactical meetings to discuss urgent market developments that require us to act on. The meetings will be conducted via our blog, quick get-together or through email with all members being the opportunity to participate. Will add this to the constitution but will stipulate the need for a quorum.
Article IV (Section 1)-Club dues: It was suggested and unanimously agreed that member’s will set-up a standing order to the club’s bank account to leaving their bank accounts on 30th of each month.
Article IV (Section 2)-Investing conditions: It was suggested that we put a disclaimer on our blogsite attesting to our not being stock market advisers.
Article IV (Section 2)-Investing conditions: It was suggested that all members should have access rights to the blog so they can post their thoughts and to allow the club to it use as the first point of discussion on stocks. We should make this our primary point of discussions on stocks so that we can reduce the amount of time we spend in the formal monthly meetings.
Article IV (Section 3)-Investing accounts: Suggestion that we don’t require weekly accounts. Will hence strike off from the constitution.
Article V (Section 1)-Withdrawal of Interest-It was suggested that the present treatment of benefits for death/legal incapacity is unduly harsh and should be amended to give the beneficiary the right to liquidate former member’s holding or to wait until holding matures. Will amend constitution to reflect this new position.