Article 57 - Senior Executive Function

(1) Every Investment Club must have a Senior Executive Function, who may also be called the Club Manager and who shall be
a. a director for the purposes of Article 49 of these Regulations;
b. shall perform the registered function of the Senior Executive Function as defined in General Rule 11.3 of the QFCA Rules; and,
c. subject to all the duties, requirements and responsibilities of directors as provided in these Regulations, including but not limited to, those mentioned in Articles 52, 53, 54 and 55.
(2) The provisions of these Regulations in relation to appointment and removal of directors shall apply to any Senior Executive Function of an Investment Club.
(3) Article 51 of these Regulations shall apply to any Senior Executive Function of an Investment Club in so far as it does not contravene this Article and the articles of association of the Investment Club.
(4) The Senior Executive Function shall be in charge of the day to day administration of the Investment Club and shall have full powers to represent the Investment Club in pursuit of its corporate purpose which shall include, but not be limited to:
a. act in good faith and with reasonable care;
b. effect all transactions in accordance with the rules and regulations of the relevant jurisdiction or state where the assets are located, and in the event such assets are listed stocks, then also in accordance with the rules and regulations of the relevant market or exchange, and in any event in accordance with the votes of Members;
c. take all reasonable steps to ensure when executing orders that the best possible result is obtained;
d. unless resolved otherwise by Special Resolution of the Members, to appoint a Custodian where the Investment Club has Securities in its portfolio, to hold such Securities in safekeeping and to co-operate fully with the Custodian and to provide such information as the Custodian may require to fulfil its duties including settling transactions;
e. unless resolved otherwise by Special Resolution of Members, to appoint a finance officer or administration officer (refer to Article 76(1)) for the Investment Club;
f. to appoint one or more brokers who shall be responsible for executing the transactions in Securities;
g. take all steps to rectify counterparty failure and/or seek compensation in relation to counterparty failure;
h. periodically report to the Members on the portfolio and the value of the portfolio;
i. receive and process any Investment Club forms required by CRO from Members; and
j. in the event that the Members of the Investment Club resolve, as provided in these Regulations, to not appoint an administration officer or a Custodian, then the Senior Executive Function shall arrange for the performance of all of the obligations which would have been undertaken by the administration officer or the Custodian as the case may be, had an administration officer or Custodian been appointed.
Derived (as from 20th December 2016).