Members' agreement
1) The LETSystem is a non-profit membership society. It is
organised by the local LETS management group, which acts on behalf of the members.
2) The LETSystem provides an information service through
which members can exchange goods and services, and maintains a central account of that
exchange for the benefit of members.
3) Members agree to the LETSystem holding details on
computer and distributing to other members those details relevant to the purposes of
exchange.
4) Members may give or receive from one another credit in
the local LETS unit called 'Cassies'. Cassies are related to the value of the Pound and
are recorded centrally on the LETSystem.
5) Only the account holder can authorise the transfer of
units from their account to that of another, with the exception of minimal service charges
that may be transferred by the accountant to the system's administration account.
6) No interest is ever charged on accounts. The
management is authorised to charge joining fees in LETS units and/or Sterling. It may also
levy service charges on member's accounts in LETS units. Both are on a cost-of-service
basis agreed in consultation with the members.
7 All accounts start at zero. Members are not obliged to
have credit in their account before issuing another member with credit, subject to any
limit that may be set by the management group.
8) No money is deposited into or issued from the LETS
accounts. Members may engage in any transaction entirely in LETS units or on a part-cash
basis. Only LETS units are recorded on the LETSystem.
9) No-one is obliged to accept any particular invitation to
trade, or to engage in any transaction with another member. On leaving the LETSystem,
however, members with commitments outstanding are obliged to balance their accounts.
10) Any member is entitled to know the balance and turnover
of another member's account. The management may also decide to publish the balances and
turnovers of all accounts from time to time.
| 11) The LETSystem can give 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
purchase. The LETSystem 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) Members are individually responsible for
their own personal tax liabilities and returns. The LETSystem has no liability to claims
for tax on participants, and has no obligation or liability to report to the tax
authorities or collect taxes on their behalf.
13) The LETSystem administrators may decline to
record an account or directory entry considered inappropriate for legal or other reasons.
14) Members have the right and are encouraged
to attend any meeting of the management group, and to participate in decision-making.
Members have the right of appeal via the management group on all decisions.
15) The management reserves the right to deny
membership to an applicant in exceptional circumstances at their discretion. The
management may act on behalf of the system in seeking explanation or satisfaction from a
person whose activity is considered to be contrary to the interests of the membership. The
management may suspend membership in the case of delinquent accounts and in the last
resort may remove members from the system. |
