Constitution of Tamar Valley LETS
The name of the organisation is Tamar Valley Local Exchange
Trading Scheme, or TV LETS, also referred to as "the LETS" or "the scheme"
in this Constitution.
2. AIMS & OBJECTIVES
2.1. To develop and encourage the experience of community and sustainability
through the establishment of a Local Exchange Trading Scheme.
2.2. To stimulate the creation of practical, economic, educational and
social benefits by and for its members and the people of the community
of the Tamar Valley and surrounding region, as consensually defined by its members.
2.3. To contribute to the development and knowledge of how to manage LETS
2.4. To support the principles and practices of mutuality, kindness, co-operation,
3.1. Membership of the LETS shall be open without prejudice to any individual
or organisation sympathetic to the aims of the scheme, subject to any restrictions
or conditions that may be applied by the Committee.
3.2. Membership shall be dependent on (a) the payment of membership fees,
in sterling and/or local currency renewable annually or otherwise at the
discretion of the Committee and (b) by the applicant's endorsement of the
LETS Agreement and this Constitution.
3.3. The LETS follows an equal opportunities policy and does not discriminate
on the basis of age, ability, gender, orientation, culture, race or wealth.
It is non-sectarian and non-party political and will not affiliate to any
party political organisation.
4. LEGAL STATUS
4.1. The LETS is an unincorporated members' club of people willing to
trade amongst themselves.
4.2. Tamar Valley LETS runs under the auspices of the LETSlink UK Network
and aims to abide by its technical and ethical guidelines.
5. ORGANISATIONAL BASIS
5.1. The Management of the LETS is initially carried out by a Steering
Group or First Committee consisting of the initiating group members.
They agree whether to and when to set up an elected Committee when members
who are prepared to stand for election come forward, at which point they
will arrange and publicise to members a first Annual General Meeting and
decide the procedure for voting. Members of the Steering Group are not
bared from being elected to the Committee.
5.2. The rights and authority of The LETS are vested in all members, who
delegate that authority to a Committee, to act on their behalf
to ensure that the tasks of running the LETS are effectively carried out
and the organisation operates according to LETSlink guidelines.
5.3. The Committee, consisting of members other than those involved
in the day-to-day management of the scheme, should ideally include well
-connected persons of good standing in the community. Their responsibilities
are identified by the traditional roles of Chair, Secretary and Treasurer,
plus other roles as appropriate, which may include a Vice-Chair. Its functions
(a) To advise on the funding, management, organisation, expansion and
direction of the scheme.
(b) To act as a member liaison and support group, keeping members informed
of developments, and reviewing proposals, opinions, advice and complaints
received from all members.
(c) At least one Committee member will normally attend meetings of any
sub-groups, and report to other members of the Committee any matters of
(d) The Committee will also advise on or take responsibility for outreach
to local and national organisations.
(e) To maintain the financial viability of the LETS in terms of both national
and local currency, including power to raise money (Sterling) by appropriate
means for the purpose of promoting and operating the scheme, and having
an oversight of budgets in local currency.
(f) To establish and maintain a fair and workable set of Rules, also called
the Members Agreement.
(g) Members of the committee provide an annual report including notice
of the AGM. They may take on particular governance roles or outreach on
behalf of the organisation. They may also act as, or appoint a Management
5.4. The Management Group reports on a regular basis to the Committee,
and undertakes the executive management of the scheme, in the interests
of the membership as a whole including including:
(a) Maintaining an up-to-date list of all members.
(b) Recording accurately members' transactions and supplying accounts.
(c) Maintaining and publishing directories of Offers & Wants.
(d) Communicating with the membership and taking note of their opinions.
(e) Organsing social events to foster good relationships and trading
opportunities for members.
(f) Outreaching to individuals and organisations in the local community
through publicity, networking and open events, with the aim of attracting
new members into the scheme.
5.5. Members of the Management Group may adopt Individual Roles, such
as coordinator, administrator, directory editor, enrolments officer,
member support, newsletter editor, events organiser, and outreach officer,
according to their particular resources and talents.
5.6. They may adopt appropriate tools, including online and design software,
conferenciing tools, and social media to maintain maximum efficiency in
carrying out the above tasks.
5.7. They may meet up from time to time, for liaison or training purposes,
otherwise maintaining contact by phone and email, or by access to an online
5.8. They may request occasional support from other members, and may co-opt
others as the need arises.
6. DEVELOPMENT of THE ORGANISATION
(a) One or more Administrators
may be appointed by the Committee in order to carry out the administrative
and technical work necessary, especially if the organisation increases
in size. These individuals will report to and advise the Management Group,
or the Committee, as appropriate.
(b) Local Organisers may be appointed by the Committee in order
to delegate some of the work of membership across a wider geographical
area, and may be involved in managing area hubs, local branches, or neighbourhood
groups. These individuals will report to the Committee, with a multi-tasking
job description, and in turn they may be authorised to form a working
group around them to delegate tasks, as the volume of membership grows.
(c) Project Administrators may be appointed by the Committee in
order to manage particular areas of activity, and supervise the disbursement
of local currency to reward individual or group activity on the project. These individuals
will report back at regular intervals, and in turn they may be authorised
to form a working group around them to delegate tasks, as the project
(d) Social Fund: if this has been established, it will require a dedicated
manager to assess applications from disabled or elderly members for support
to avoid imbalances in their personal account, and to manage payments, liaising
with other members of the committee and management group as appropriate.
(e) Mediators may also be appointed is to assist in any cases of
dispute between members, or between members and to ensure the accountability
of the Management Group to the membership. This may develop into a Mediation
Group, to include at least two (ideally three) people, who will meet from
time to time as necessary.
7. COMMITTEE MEETINGS
7.1. The Committee shall arrange and determine the timing and frequency of
its meetings. This will normally be at least every three months, and more
frequently at the outset.
7.2. They will publicise their meetings in advance to all members.
7.3. The Committee shall keep a record of all its meetings, and once they
have been cleared by those present, will make them available to all members
within a month of the meeting.
7.4. Committee meetings are open for any member to attend and make a contribution,
but not to vote.
7.5. The quorum shall be a majority or five members of the Committee, whichever
7.6. Any Committee member who is absent from three consecutive meetings without
good reason or notice will be deemed to have resigned their position, and
if so deemed, shall be notified to that effect.
7.7. The Committee may co-opt new members given the consent by majority vote
of the group. Members so appointed hold office only until the following
AGM, but are eligible for re-election at the meeting. Members may also be
appointed for a shorter trial period.
7.8. The Committee may appoint Advisors who are not members. Advisors are
not eligible to vote.
7.9. At least one member of the Management Group and one Mediator shall also
normally be present and empowered to vote at Committee meetings.
8. DECISION MAKING PROCESSES
8.1. Membership entitles each holder to one vote at general meetings.
8.2. The members at the AGM shall appoint a Chair, Secretary, Treasurer plus
a Vice-Chair and such other officers as have been established by precedent
to serve for the period until the next AGM.
8.3. Nominations are invited before the start of the AGM. Any member in good
standing is eligible for election at the AGM.
8.4. Consensus shall be preferred means of decision-making, failing which
votes are taken.
8.5. Members of the committee will agree amongst themselves what decisions
may be made in the course of carrying out their normal duties, which shall
be subject to a group decision, and which should be referred to the membership
as a whole, if not already provided for in this constitution.
8.6. Members of the committee will determine the roles or sub-groups needed
to carry out their functions, and will report these to the membership, together
with minutes of the meeting, within a month of the election having taken
9. GENERAL MEETINGS
9.1. The Committee shall organise an Annual General Meeting (AGM) once in
every calendar year.
9.2. The Committee shall arrange Extraordinary General Meetings (EGMs) at
either the request of their own meeting, or within three days, at the request
of at least four members of the scheme.
9.3. Fourteen days notice of the AGM, or seven days notice of an EGM, shall
be given to members, together with the main agenda item/s and an invitation
to submit further items for the agenda if appropriate.
9.4. The quorum for general meetings will be at least two thirds of the Committee
and five other members. If the meeting is inquorate the Committee will call
for another meeting within one month. If the second meeting is inquorate
they will nevertheless proceed to conduct the business.
9.5. Membership entitles each individual holder to vote at any General Meeting.
In the case of organisational memberships, the vote is no extra voting right
is given to the organisation, and their vote is conveyed by a single representative.
10.1. Any sterling monies received in the name of the LETS shall be held in an account
at such bank as the Committee shall decide from time to time and in accordance
with instructions from a general meeting. The Committee shall decide from
time to time which signatories can be accepted for financial transactions
with the bank.
10.2. Subscriptions to LETSlink UK will be paid out of the the scheme's sterling
account at the rates currently set by the national organisation, to include
membership, domain name management, and hosting, as appropriate, and may
include a tithing of membership fees.
10.3. The LETS is a not-for-profit organisation. No member shall derive any
sterling financial benefit from the scheme, other than the payment of reasonable
10.4. Any member who carries out an activity on behalf of the scheme will
not be held personally liable for reasonable debts, and will be entitled
to be indemnified from the LETS funds provided that such payment is in accordance
with accepted practice or rules of thumb, and that no payment shall be made,
or obligation entered into, which cannot be met from the balance of funds
held by the scheme. Payments from the LETS funds for special activities
or projects will normally be agreed by the Committee in advance, and exceptionally
may be approved retrospectively.
10.5. Members may be paid reasonable wages in LETS units (called Tams in
this scheme) for administrative work carried out in agreement with the relevant
LETS budget, and will submit claims for approval before payment is made.
Individual members of the Committee may have access to particular budget
accounts in the system to make such payments.
10.6. No member may be paid in local currency to attend meetings, unless
specifically otherwise authorised by the whole Committee.
10.7. A copy of the most recent statements of accounts (in both the sterling
and LETS accounts) shall be made available at Committee meetings, to any
member on request, and an annual statement of both accounts shall be presented
at each AGM.
11. CHANGES TO THE CONSTITUTION
11.1. Any changes to this constitution can only be made at an AGM after consultation
with LETSlink at national level, who may wish to recommed similar changes
for other schemes in its network. If the change has arisen from a problem arising,
they may, as an alternative to changing the constitution, be able to advise
on another way of solving it.
12. WINDING UP, TRANSFERS, OR MERGERS
12.1. In the case of serious problems arising, such as system failure,
or failure to administer any branch of the scheme, any member may seek
help from the Committee or Administrator, who will attempt to provide
assistance to the organisers in post. If the difficulties cannot be resolved
within the current committee structure, the Committee will circulate all
members inviting feedback, and nominations for management roles, and inviting
them to attend an EGM.
12.2. Following the EGM, voting papers will be sent to all members to
decide the future of the scheme, such as continuing with more support,
merging with another organisation with similar aims, or winding up altogether.
The scheme can only be wound up by a two thirds majority vote of the membership
by ballot, the results of which shall be available at a further EGM, giving
14 days' notice.
12.3. If the LETS is to be wound up, Members whose balances are significantly
in credit will be identified and efforts made to assist them in balancing
their accounts. Members with accounts in debit to a significant extent (the
amount to be decided by consensus at the meeting) will be given a reasonable
period of time in which to repay the bulk of their debit to the membership.
12.4. At the end of this period, details of all individual account-holders
and their remaining balances will be transferred to other schemes of the
members' choice, or held in a national membership pool, pending a new
organisation being established with the support of the LETSlink UK network.
12.5. After settling all sterling debts and obligations, any remaining
property shall be transferred to the LETSlink UK network, or in the absence
of this organisation, to the regional or its successor organisation, failing
which another organisation with similar aims.
Draft as at 11/7/2020 - TVL/MF/mf
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Catchment Area Constitution
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