Rules of the Club as confirmed at the first meeting of Club members held at Aberdeen on 8 April 1989 and amended from time to time hereafter at subsequent CAMRA Members' Investment Club AGMs.

1. Commencement
1st January 1989.

2. Year End
31st March.

3. Membership
(i)Joining - Restricted to CAMRA members only who can join at anytime subject to the appropriate contribution.
(ii) Units – Units will be issued and redeemed at the net asset value on the last business day of the month subject to the application of a bid/offer spread.
(iii) Withdrawal - Members can leave at any time. Repayment of investments made to the date of withdrawal will be based on the net valuation on the last business day of the month and will be paid as soon as possible thereafter. Alternatively, a member can cease to pay contributions and let his/her investment "ride", subject to a minimum holding valued at £20 at the date of withdrawal. Cessation of CAMRA membership is also cessation of membership of the Club.
(iv) If repayments in any one month exceed more than 5% of the Club fund the Committee reserves the right to charge an exit fee of up to 2.5% of the value of the repayment.
(v) In the event of the death of a member repayment of units will be based on the current value at the end of the month in which the death is notified to the Club. The amount due, together with late contributions, will be placed in a separate account pending the finalisation of the claim by the estate of the deceased member.
(vi) The Committee reserves the right to write off all unclaimed monies after a period of 6 years.
(vii) All the subsections above are subject to the Committee having discretion over their implementation.

4. Committee
The Club Committee is appointed by the membership of the Club to operate the Club on their behalf other than by way of business. The membership of the Club Committee is elected annually at the Club AGM. The Club Committee will meet when necessary, at least 6 times yearly, and is responsible for investment decisions which have the approval of the membership. Suggested investments from individual Club members are welcomed by the Club Committee at any time and will be discussed at it's next meeting. The Club Committee membership is limited to a maximum of 12. One third of the Committee will retire by rotation each year and be eligible for re-election at the AGM. Nominations for election as a Committtee member at the AGM should be received by the 15 May preceding the AGM at the administrative offices of the Club. All members present at the AGM shall be eligible to vote.

5. Policy
To make investment in shares of companies whose activities include brewing and/or retailing real ale. These companies may include ones that are foreign based with quoted shares and whose products are available in the UK. Consideration will also be given to Investment in companies with peripheral "real ale" activities, eg hops, malt, hand pump manufacture if and when such companies are on the market.
Only in exceptional circumstances will shareholding be sold.

6. Investments
For administrative purposes, where appropriate, the investments will be held in a nominee account administered by the Club’s stockbroker. Where this is not possible they will be held by the nominee company, CAMRA Members’ Investment Club Ltd.

7. Dividends
To be retained for future investment.

8. Bankers
As appointed by the Committee.

9. Brokers
As appointed by the Committee.

10. Accounts Administration
Accounts administration will be undertaken by an appropriate organisation appointed by the Committee. Direct costs are to be a charge on the Club's funds. "Unit" method of accounting to be adopted, as detailed in Rule 3. Payment for the services of the Club's administrators to be based on an annual fee to be agreed with the Committee prior to each accounting year commencing 1 April.

11. Subscriptions

Payable on 15th of Month Monthly Annually






12. Annual General Meeting
The Annual General Meeting will take place within six months of the year-end and the Club membership will be notified in advance of the date and the venue. There will be one vote per member irrespective of the size of that member's investment.

13. Report and Accounts
Members will receive annual accounts to 31 March each year, which will be subjected to scrutiny by an appropriately qualified independent examiner.

14. Termination
No termination date is proposed.

15. Winding Up
If the Club fund has to be wound up, then the following provisions will apply:-
a. All members to be notified as soon as possible;
b. Arrangements to be made for the cancellation of all subscriptions as soon as possible;
c. All existing refund requests to be settled in accordance with Rule 3 (iii) and (v) above;
d. All unclaimed refunds in respect of ex-members will be settled via the said member or his/her personal representatives based on the number of Units held and the Unit Value applying at the date of the calculation, in accordance with Rule 3 (v) and (vi);
e. All outstanding charges, fees, etc. up to the date of termination to be paid, including the associated winding-up costs;
f. The balance of the Club funds after all appropriate costs have been paid, will be distributed equitably amongst the Membership based on the number of Units held at the date of the calculation.

The CAMRA Members' Investment Club Committee

The value of units acquired can go down as well as up and investment in the Club should be regarded as medium to long term.