Article 16 - Members
(1) The incorporators of an Investment Club are deemed to have agreed to become Members of the Investment Club by signing the incorporation document and on incorporation shall be entered as such in the Investment Club's register of Members (persons other than incorporators who have died or been dissolved).
(2) Every other person who agrees to become a Member of the Investment Club and whose Name is entered in the register of Members after obtaining the QFC Authority's non-objection, is a Member of the Investment Club.
(3) A person may cease to be a Member of an Investment Club in accordance with the articles of association of the Investment Club, as well as by death or dissolution.
(4) A Member of an Investment Club can be of any nationality and either a natural person or a Body Corporate.
(5) An Investment Club must have at least 2 Members and not more than 15 Members.
(6) Every Investment Club shall keep a register of Members, together with:
a. a statement of the Shares held by each Member, distinguishing each Share by its number (if the Share has a number) and, where the Investment Club has more than one class of issued Shares, by its class;
b. the date on which each person was registered as a Member; and
c. the date on which any person ceased to be a Member.
(7) All Shares initially issued by the Investment Club to its Members shall be fully paid by way of cash consideration in accordance with Article 93 of these Regulations before the date of the issue of the Shares to the Member.
(8) The value of the Shares in the Investment Club shall at all times be equal to the value of the assets of any kind of the Investment Club after the deduction of liabilities.
|Derived (as from 20th December 2016).|