Proposed constitution of the WAGMI Syndicate Experimental Club


draft 22 July 2022

In sections 3, 6 and 14 the vote basis is 'one vote per member', not weighted by share ownership.

[1] Becoming a member.

Individuals who add funds to the Syndicate contract named "ICLEF_July2022" become members
of this investment club. Members must abide by this constitution.

[2] Fair treatment.

No member shall be deprived of their equitable share of the club's assets.

[3] Changes to constitution.

This constitution can only be amended by a majority vote involving at least 70% of members.

[4] Investment only for club members.

The club shall deal with investments only for its own members and only as recorded within the
'Syndicate' provided Smart Contracts.

[5] No compensation.
No member shall be compensated in any way for services rendered to the club.

[6] New members

The club is not open to new members unless individually invited by a friend (who is an existing
member) and approved by at least a 70% vote by members. 



[7] Maximum club size

Note that this is an experimental club and there is a maximum agreed headcount of 50.

[8] Promotion
Members must not promote membership of the club in any way. This would potentially break
various laws and might impact the club's status as an 'investment club'.

[9] Limit to liability

No member will be liable for any amount beyond that which they have already contributed to the
club by way of payment to the 'Syndicate' Smart Contract provided. No commitment may be
made by any member that risks funds beyond that explicitly stated when a transaction is made.

[10] Leaving the club.

A member can leave the club at any time and the remaining members will use their best
endeavours to release a fair payment to them in a reasonable timescale. Members accept that the
poor liquidity of some of those assets may mean some delay when requiring access to their share.

[11] Proposals for investment

Any investment proposal must be presented in writing on the agreed forum, and all members
must have su cient opportunity to vote on it. A simple majority of those voting, weighted by their
share ownership, is su cient to pass a proposal.

[12] Disruption to club processes


in the event that it is suggested that a member's behaviour is contrary to the e ective running of
the club, they may be required to give up membership. This requires agreement by a minimum of
80% of the remaining members.

[13] Jurisdiction

Any disputes between members shall be resolved with the present rules and, where the present
rules are silent, in accordance with English law. Any such dispute shall be subject to the exclusive
jurisdiction of the English courts.


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