HOMEPAGE /PAPERS


UK LETS and Complementary Currencies
Development Agency

_____________________________________________

ARTICLES,
PAPERS &
REPORTS
published by
LETSlink UK
LOCAL EXCHANGE TRADING SCHEME
LETSlink UK’s MODEL RULES
in development














VERSION 1
The name of the Group can be inserted before “LETS” where appropriate

VERSION 2

VERSION 3

A. The LETS is a non-profit membership society or club. It is organized by the LETS Organizing (or Management) Group, who act on behalf of the members. 1. _____ LETs is a non-profit organization whose rights and authority are vested in the members who delegate that authority to the Management Group who act on their behalf. The Management Group accepts all who may seek to join in good faith, but may also reserve the right to deny membership to an applicant in exceptional circumstances at their discretion. 1. Bath LETs is a non-profit organization whose rights and authority are vested in the members who delegate that authority to the Management Group who act on their behalf according to the provisions laid down in the Constitution.
  2. The Management Group accepts into membership all who seek to join in good faith, normally those who are resident in the locality of Bath and North East Somerset, and others in special circumstances, but reserves the right to deny membership to an applicant in exceptional circumstances at their discretion.
B. The LETS provides an information service through which members can exchange goods and services. It maintains accounts of all LETS transactions, publishes the accounts regularly to the members, and maintains and publishes accounts of any sterling used in running the scheme. 2. _____ LETs provides an information service through which members can exchange goods and services, and maintains a central account of those exchanges for the benefit of members in an agreed unit of account called - - - - . Members may be individuals, couples, businesses, voluntary organisations or projects, who can delegate authority to a representative to act on their behalf in respect of managing a group account. Individuals may have an individual and a business account where appropriate. 3. Bath LETs provides an information service through which members can advertise and exchange goods and services, and maintains a central account of those exchanges for the benefit of members in an agreed unit of account called olivers.
K. The LETS gives no warranty or undertaking as to the value, condition or quality of services or items offered. Members should seek to determine for themselves the quality or standard of workmanship offered before agreeing a transaction. LETS publishes a directory of resources and services made available by members, but as with any directory or newspaper, it cannot be held responsible for the quality of goods and services on offer. 12. No warranty or undertaking as to the value, condition or quality of services or items exchanged is expressed or implied by virtue of the introduction of members to each other. _____ LETs publishes a list of the resources and services made available to members but cannot be held responsible for the actual goods and services offered. Members should therefore seek to determine for themselves the quality or standard of workmanship offered before agreeing a transaction, by asking for references in the normal way. 4. No warranty or undertaking as to the value, condition or quality of services or items exchanged is expressed or implied by virtue of the introduction of members to each other. Bath LETs cannot be held responsible for the actual goods and services offered. Members should therefore seek to determine for themselves the quality or standard of workmanship offered before agreeing a transaction, by asking for references in the normal way.
4. The - - - - is considered to represent the nominal value of 1 for the purposes of trading goods. N - - - - are considered to represent one hour's work, which is considered to be the standard rate per hour for those who wish to use it. 5. The oliver is valued at 25 units per hour of work. This is the standard rate for those who wish to trade on an equal basis, but is negotiable between members who agree otherwise for a particular trade, and where goods or services being traded are not strictly related to hours of work.
 

6. Members may be individuals, couples, businesses, voluntary organisations or projects, who can delegate authority to a representative to act on their behalf. Individuals may have an individual and a business account where appropriate. Members of the Management Group will have a separate account for their role in managing Bath LETS, in addition to their own trading account (see below).

C. Members agree to the LETS holding their details on computer and distributing those details to other members for the purpose of exchange. (This is a legal requirement of the data protection act. To comply with this, a clause must also be included in the membership form to be seen and signed by prospective members as follows “I agree to the conditions of the ___ LETS Rules, and to __ LETS holding my details on computer and distributing to other members those details relevant to the purposes of exchange” If a LETS Directory is to be circulated to non-members, the names and means to identify members should be kept separately, so that they can be removed). 3. Members agree to _____ LETs holding relevant personal details on computer and online and making available to other members those details relevant to the purpose of exchange, according to the provisions of the Data Protection Act. This will include an indication of members' location without giving out their street address. Members also agree to the directory of goods and services being visible to the general public for publicity purposes without contact details of individuals being displayed. 7. Members agree to Bath LETs holding relevant personal details on computer and online according to the provisions of the Data Protection Act, and making available to other members only details relevant to the purpose of exchange, including an indication of members' location without giving out their street address. Members also agree to the directory of goods and services being visible to the general public for publicity purposes without names or any other details of individuals being displayed.
D. Members may give or receive from each other credit in the LETS unit of account called ___________. These units are recorded on the LETS accounts.    
  9. The Management Group is authorized to charge a joining fee in sterling and to vary the amount of that on a cost-of-service basis as the situation requires in consultation with the advisory group - currently 10 or 5 concessions, and also to waive or reduce the fee in cases of hardship at the discretion of the membership secretary, and instead to levy the equivalent in - - - - . 8. The Management Group is authorized to charge a joining fee in sterling and to vary the amount of that on a cost-of-service basis as the situation requires in consultation with the advisory group - currently 10 (or 5 concessions), and also to waive or reduce the fee in cases of hardship at the discretion of the membership secretary, and instead to levy the equivalent in olivers.
11. The Management Group is authorized to accept donations from grant-giving organisations or individuals and to authorise the equivalent in local currency to be placed in a project account to be used for community purposes. These project accounts form the basis for LETS Work Together activities and a Project Leader may be delegated to manage each of these accounts. 9. The Management Group is authorized to accept donations from grant-giving organisations or individuals and to place the equivalent in local currency in a project account to be used for community purposes. These project accounts form the basis for LETS Work Together activities and a Project Organiser may be delegated to manage each of these accounts.
10. The Management Group is authorized to charge service charges in - - - - on a cost-of-service basis - currently one - - - - per month - and may vary that rate in consultation with the membership or advisory group. These - - - - are paid to individuals to carry out specific tasks in relation to the management of the scheme. 10. The Management Group is authorized to charge monthly fees in olivers on a cost-of-service basis - currently five oliver per month. These olivers are paid into the system account, from which payments are made to individual or project accounts to carry out specific tasks in relation to the management of the scheme.
G. No interest is charged on accounts. The Organising group is authorized to charge reasonable joining and renewal fees in LETS units and/or sterling. It may also levy reasonable service charges in LETS units on members’ accounts. All charges are on a nonprofit, value-for-money basis, agreed in consultation with the members or their Advisory Group. 6. No interest is charged or paid on balances but members are expected to manage their personal accounts in a responsible and fair manner in terms of reciprocal activity, and within limits which may be specificed from time to time. A member going outside these limits, may expect to have a voluntary limit placed on their account until it is brought to good order. 11. No interest is charged or paid on balances but members are expected to manage their personal accounts in a responsible and fair manner in terms of reciprocal activity, and within limits which may be specificed from time to time by the Management Group. A member going outside these limits, may expect to have a voluntary limit placed on their account until it is brought to good order.
H. All accounts start at zero. Members are not obliged to have credit in their account before issuing another member with credit, subject to any debit limits that may be set by the Organising Group. 5. All accounts start at zero. Members are not obliged to be in receipt of any credit before issuing another member with credit from their account, subject to any limit that may be set by the Management Group from time to time. 12. All accounts start at zero. Members can issue olivers from their own account directly to the account of another member in payment for goods and services, or as a donation at their discretion, and are not obliged to be in receipt of any olivers before issuing another member with olivers. Their account will go minus to the same value as the number of olivers transferred. Therefore all accounts in the system, including administration accounts, some positive and some negative, will have an overall zero sum.
J. All members will receive details of the balances and turnovers of all the other accounts. The Organising Group will publish the balances and turnovers of all accounts at least every six months, and will also make the balance and turnover of any account available to any member on request. It will also regularly publish Treasurer’s reports on the sterling accounts. 13. All members will have access to the balance and turnover of all other members' account on an ongoing basis, and in order to ensure transparency in the activities of the Management Group, where substantial activities are carried out by individual office-holders on behalf of the scheme, these will be recorded in separate accounts for the duration of that office-holding thus enabling budgets for specific activities and projects to be set. 13. All members will have access to the balance and turnover of all other members' account on an ongoing basis, and in order to ensure transparency in the activities of the Management Group, where substantial activities are carried out by individual office-holders on behalf of the scheme, these are recorded in separate accounts for the duration of that office-holding thus enabling budgets for specific activities and projects to be set.
E. Money is not deposited into or issued from the LETS accounts. Members may engage in any transaction entirely in LETS units, or on a art cash basis, but only LETS units are recorded on the LETS accounts. 7. Members may engage in any transaction entirely in - - - - , or on a part - - - -, part cash basis, especially where there are sterling expenses that need to be defrayed, but only - - - - are recorded on the system. Transactions may be for the purpose of obtaining goods or services or donating to other accounts, at the discretion of the account holder. 14. Members may engage in any transaction entirely in olivers, or on a part oliver, part cash basis, especially where there are sterling expenses that need to be defrayed, but only olivers are recorded on the system. Transactions may be for the purpose of obtaining goods or services or donating to other accounts, at the discretion of the account holder.
F. Only the account holder can authorise the transfer of units from their account to that of another (except for essential service charges, which may be transferred by the accountant from members’ accounts to the LETS administration account). 8. Only the account holder can authorize the transfer of units from their account to that of another, and this is done directly by each individual where electronic transfer is used. However this task may be specifically delegated to a personal buddy by sharing an email account and password, or by default to a member of the management committee by means of a signed paper cheque, or fixed value voucher. 15. Transfer of olivers is normally done online by each individual. The LETS accountant maintains an overview of transactions, and may accept cheques from individuals as an instruction to act on their behalf. Alternatively, the task of managing member accounts and reciving email messages may be delegated to a personal buddy who sets up an email account and password for the member, on a temporary or permanent basis. Anyone who needs help or assistance in managing their account should contact a member of the Management Group for help.
    16. Members are entitled to some form of handwritten receipt (conveniently on a timesheet downloadable from the website), pending the transfer of olivers. During trading events, trading lists or vouchers can be used as an interim record, pending the updating of members' accounts.
 

17. The Management Group decides on the roles which are necessary for the functioning of the scheme, and may re-organise roles or co-opt members, or ask members to assist with particular functions. The current management group roles in Bath LETS are: Co-ordinator, Secretary, Treasurer, Membership, Broker, Administrator, Information Officer, Outreach, Project Managers, Local Representatives. The names of post-holders and brief job descriptions are set out here. Members of the Management Group will, however, give an individual account of themselves, on the basis of which they will either seek re-election, or give prior notice of their intention to resign from the management group at the Annual General Meeting.

 

18. The Management Group will arrange and publicise the dates of Meetings. The purposes of meetings will be made clear, eg Management Group Meetings, Introductory Meetings, Training Events, Social Meetings, Excursions, Work Sessions, and Trading Days, to be held at such venues as enable as many members as possible to attend them.

 

19. All Members are entitled to arrange events and charge entrance fees in olivers, by way of their normal trading activities. The Management Group may authorise some such meetings to be counted as official meetings, and instead of the member having to charge entrance fees, will make payment from a designated fund at an agreed rate for the members time, as long as the meeting is conducted in the agreed way. In order to have such meetings made official, the member concerned will apply for this to be considered at a Management Group meeting, and may attend in purpose to explain their proposal and make their case.

N. Members have the right and are encouraged to attend any meeting of the Organising Group, and to participate in decision-making. Members have the right of appeal on any management decision, both directly and by representation via an Advisory or arbitration Group member. 19. Members have the right and are encouraged to attend any meeting of the Management Group and to participate in decision making. Members have a right of appeal to the Advisory Group on all management decisions. There will be a formal opportunity to hear reports from office-holders at an Annual General Meeting. 20. Members have the right to attend any meeting of the Management Group, to request that items be placed on the agenda and to make their views known, but not to formally vote - nor do they have the right of veto. Any member who has not been able to get satisfaction at a meeting of the Management Group has the right to call an Extraordinary General Meeting, by making a request supported by at least three other members, to a member of the Management Group, who will follow the procedure for conducting such a meeting laid down in the Constitution.
I. No member is obliged to accept any particular invitation to engage in any transaction whatsoever with other members. On leaving the LETS, however, members with outstanding commitments are obliged to balance their accounts (if necessary in sterling). 16. No member is obliged to accept any particularly invitation to trade, or to engage in any transaction whatsoever with other members. However, they may be encouraged by an office-holder to engage in trading activities in order to assist them in managing their account.

21. No member is obliged to accept any particularly invitation to trade, or to engage in any transaction whatsoever with other members. However, they may be encouraged by an office-holder to engage in trading activities in order to assist them in managing their account.

 

M. The LETS administrators may decline to record a transaction or directory entry considered inappropriate for legal or other reasons. 15. The _____ LETS administrators may decline to record (or in extreme circumstances may reverse) an account or directory entry considered inappropriate for legal or other reasons. In the case of dispute between members arising from any cause, which cannot be resolved with the help of an individual office holder, members are entitled to have recourse to the Mediation Group.

22. The management group may decline to record (or in extreme circumstances may reverse) an account or directory entry considered inappropriate for legal or other reasons. In the case of dispute between members arising from any cause, they will seek assistance from the LETS Accountant in the first instance.

 

L. Members are individually responsible for their own personal tax liabilities and returns and for any benefits entitlements. The LETS has no liability regarding members’ tax or benefits entitlements, and has no obligation or liability to report to the tax or benefits authorities or collect any payments on their behalf. 14. The vast majority of LETS activity is of no interest to the Tax or Benefits authorities. However, those members who are engaged in business activity are individually responsible for their own personal tax liabilities, and may for this reason have separate personal and business accounts. _____ LETS has no liability regarding members' tax or benefits entitlements, and has no obligation or liability to report to the tax or benefits authorities or collect any payments on their behalf.

23. The vast majority of LETS activity is of no interest to the Tax or Benefits authorities. Members who are engaged in business activity are individually responsible for their own personal tax liabilities. They are advised to have separate personal and business accounts and to spend out of their business accounts on items related to the business without generating profit, ie keeping their business account close to zero, as is normal good practice. Bath LETS has no liability regarding members' tax or benefits entitlements, and will not give out information about members to the tax or benefits authorities or collect any payments on their behalf.

 

O. The Organising Group reserve the right to deny membership to an applicant or organization in exceptional circumstances at their discretion. They may act on behalf of the LETS in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. They may, in consultation with the Advisory and/or Arbitration Groups, suspend membership in such cases or in cases of delinquent accounts, report the incidents to a national and/or regional a network of other LETS groups, and in the last resort may remove members from the scheme. 17. The Management Group may act on behalf of members in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. The Management Group, in consultation with the advisory group, may suspend membership in the case of delinquent accounts and as a last resort may remove members from the system.

24. The Management Group may act on behalf of members in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. The Management Group, in consultation with the advisory group, may suspend membership in the case of delinquent accounts and as a last resort may remove members from the system.

 

18. On leaving _____ LETs, members with commitments outstanding are obliged to balance their account (if necessary in sterling). Positive balances may be bequeathed to other member or project accounts. Alternatively, the organisation may apply through LETSlink for the transfer of a members's balance to a group elsewhere, if this group is willing to accept the individual into membership. 25. On leaving Bath LETs, members with commitments outstanding are obliged to balance their account (if necessary in sterling). Positive balances may be bequeathed to other member or project accounts. Alternatively, the member may request the transfer of their balance to a group elsewhere, and if this group is willing to accept the individual into membership, the administrators will follow the procedures in place at the time to effect such transfers through the national network.
20. This agreement may be updated, changed or modified at the discretion of the Management Group after due consultation with the members. Proposals for major changes or innovations in the administration of _____ LETS will be formally notified to all members for discussion at an Annual General Meeting, or Special General Meeting before a final decision is taken.

26. This agreement may be updated, changed or modifiedby the Management Group following normal procedures for communication with members and considering their responses at meetings. Proposals for major changes or innovations in the administration of Bath LETS will benotified to all members for discussion at an Annual General Meeting, or in emergency at an Extraordinary General Meeting, following the procedures laid down in the Constitution.

 

21. Membership in _____ LETs implies acceptance of the conditions of this agreement. 27. Membership in Bath LETs implies acceptance of the conditions of this agreement.
P. Members agree to be bound by the conditions of these Rules and those embodied in the constitution of the LETS.
JOINING FORM: Name, Contact details, and initial Offers & Wants are included, with the phrase: “I agree to the conditions of the ___ LETS Rules, and to __ LETS holding my details on computer and distributing to other members those details relevant to the purposes of exchange” The form is duly signed and dated by the applicant.
If you are happy with the above please continue and complete the Joining Form. If you still have queries, please attend a meeting and raise your concerns - feedback and ideas are always welcomed. Dates are advertised here or here.

If you are happy with the above please continue and complete the Joining Form.
If you still have queries, please attend a meeting and raise your concerns - feedback and ideas are always welcomed. Dates are advertised here.

     

 

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