NOW, THEREFORE IT IS AGREED:
1. FORMATION:
The undersigned and others who make capital contributions to a Club capital account hereby form a General Membership("The Club").
2. NAME:
The name of the membership shall be Sports Investment Club, hereinafter known as "The Club".
3. PURPOSE:
The purpose of the Club is to invest the assets of the membership primarily in all major sporting events whereas licensed vendors have determined point spreads to wager on.
4. MEETINGS:
Meetings shall be held as determined by the Club.
5. VALUE OF THE MEMBERSHIP.
The current value of the assets of the membership, less the current value of the liabilities of the membership, (hereinafter referred to as the “value of the membership”) shall be determined as of a regularly scheduled date and time (“valuation date”) preceding the date of each periodic meeting determined by the Club.
6. CAPITAL ACCOUNTS.
A capital account shall be maintained in the name of each member. Any increase or decrease in the value of the membership on any valuation date shall be credited or debited, respectively, to each members capital account on that date. Any other method of valuating each members capital account may be substituted for this method, provided the substituted method results in exactly the same valuation as previously provided herein. Each members contribution to, or capital withdrawal from, the membership shall be credited, or debited, respectively, to that members capital account.
7. MANAGEMENT.
Management shall determine where all capital should be vested and or bet. Members have a right to their opinion and shall express it on any matter deemed appropriate. Management will disclose any and all findings to help increase the vaule of the club and its members.
8. SHARING OF PROFITS AND LOSSES.
Net profits and losses of the membership shall inure to, and be borne by, the members, in proportion to the value of each of their capital accounts minus any management fees.
9. BOOKS OF ACCOUNT.
Books of account of the transactions of the membership shall be kept.
10. ANNUAL ACCOUNTING.
Each calendar year, a full and complete account of the condition of the membership shall be made to the members.
11. ADDITIONAL MEMBERS.
Additional members may be admitted at any time, upon the unanimous consent of founding members.
12. TERMINATION OF MEMBERSHIP.
The membership may be terminated at any time after the initial 3 months. Written notice of termination of the membership is to be considered shall include a specific reference to this matter. Written notice of the decision to terminate the membership shall be given to managment. Payment shall then be made of all the liabilities of the membership minus any and all fees and a final distribution of the remaining assets either in cash or in kind, shall be made to by management or their personal representatives in proportion to the members capital account on or around the following months end.
13. VOLUNTARY WITHDRAWAL (PARTIAL OR FULL) OF A MEMBERSHIP.
Any member may withdraw a part or all of the value of his capital account in the membership and the membership shall continue as an entity. The member withdrawing a part or all of the value of his capital account shall give notice of such intention in writing to management. Payment shall then be made of all the liabilities of the membership minus any and all fees and a partial or full distribution of the remaining assets either in cash or in kind, shall be made to by management or their personal representatives in proportion to the members capital account on or around the following months end.
Withdrawls are only allowed once per month and all withdrawls are done around the 15th of each month.
14. DEATH OR INCAPACITY OF A PARTNER.
In the event of the death or incapacity of a partner, receipt of notice shall be treated as a notice of full withdrawal.
15. TERMS OF PAYMENT.
In the case of a partial or full withdrawal, payment may be made in cash of the membership.
16. FEES
There is a money management fee that will be collected every month and when a withdraw of funds is made.
The Monthly money management fee is 25% of profits. In the event of a losing month there will be no money management fee deducted.
Fee's for withdraws will incur if there is any cost associated with the delivery of funds to the member. Also, if the monthly money managment fee has not been deducted for that month and the member is making a full/partial withdraw the additional 25% fee will be deducted.
17. LIABILITY
Members understand the nature of the business and the membership contributions may be lost at anytime. Members have no legal action rights to recover any membership contributions as this is the cost for the private sports investment club and sports hedge fund. Any payments, profits, refunds or withdraws are considered benifits of belonging to the exclusive club. However in the event of a total loss documentation will be provided to all members.
18. FORBIDDEN ACTS. NO MEMBER SHALL:
(a) Have the right or authority to bind or obligate the membership to any extent whatsoever with regard to any matter outside the scope of the membership purpose.
(b) Hold the club liable for any lose of contributions
(d) Use the membership name, credit or property for other than membership purposes.
(e) Do any act detrimental to the interests of the membership or which would make it impossible to carry on the business or affairs of the membership.
This Agreement of Membership shall be binding upon the respective heirs, executors, administrators and personal representatives of the members.
The Members have caused this Agreement of Membership to be executed on the dates indicated below.
Member: / / Signature: ____________________________________
Print Name: ___________________________________
Dated: ________________________________________
Sports Investment Club Membership Agreement Signature Page
This agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which, when taken together, constitute one and the same document binding on all the parties. By signing below, the person so signing declares that they have received a copy of, and read, the Sports Investment Club Membership Agreement, understands it and agrees to its terms and conditions, and is in support of it.
Member: (Signature of member)
Signature: ____________________________________
Print Name: ___________________________________
Dated: ________________________________________
By signing below you agree that the electronic signature is binding and understand the electronic signature act.
Signature: ____________________________________ Print Name: ___________________________________
Dated: ________________________________________