Kendal's Local Exchange and Trading Scheme.

Constitution & Member’s Agreement

1. ‘Kendal LETS’ is a local exchange and trading scheme for the Kendal area, one of many LETS schemes throughout the UK and abroad.

2. The purpose of Kendal LETS is to benefit the local area by encouraging a sense of community, generating economic value, and assisting individuals to utilise their skills.

3. Kendal LETS is a non-profit making membership club whose rights and authorities are invested in the Steering Group who act on behalf of members. Membership is open to anyone in the local community by completing a membership form and paying the joining fee.

4. Kendal LETS provides an information and administration service through which members can exchange goods and services, and maintains a central account of exchanges.

5. Members agree to Kendal LETS holding their details on computer and distributing those details to other members for the purpose of exchange.

6. Members may give or receive credit from each other in the accepted Kendal LETS credit unit, currently ‘Kents’.

7. Only the account holder can authorise the transfer of Kents from their account to that of another.

8. No money is deposited or issued. Transactions may be entirely in Kents or on a part cash basis, but only the Kents are recorded.

9. All accounts start at zero. Members do not need to be in credit before issuing another member with credit from their account, subject to any limit which might be set by the steering group.

10. No member is obliged to accept any particular invitation to trade. However members leaving the Kendal LETS scheme are required to balance their accounts.

11. No interest is charged on accounts, however, the steering group is authorised to charge joining and renewal fees in sterling and/or Kents.

12. The steering group may decline to record an account or Directory entry considered inappropriate for legal or other reasons.

13. 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, or the advertisement of skills/goods in the Directory.

14. Members are individually responsible for their own personal tax liabilities and returns. The vast majority of LETS transactions are of the ‘occasional favour’ type and are therefore probably not taxable.

15. Members have the right, and are encouraged, to attend any meetings of the steering group and to participate in the decision making.

16. The steering group consists of officers responsible for a) membership, b) Kents accounts, c) cash accounts, d) directories and newsletters. Other people may be part of the steering group and assist in running aspects of the scheme as required. A bank account must be opened for any sterling amounts, and must require at least two officers signatures. Officers are elected at the Annual General Meeting by the members.

17. The AGM is called by the steering group by notifying the members. Decisions are taken by a simple majority of those present. Special General Meetings can be called in the same way or at the request of 10 members notifying the steering group. Changes to the constitution can only take place at the AGM and require a two-thirds majority of those present.

18. The steering group is responsible for the efficient running of the scheme, primarily those activities at the core of the scheme: Kents accounts, directories and cash accounts and the appointment of arbitration officers. The steering group can initiate other actions which they decide will assist the scheme, or benefit the membership or local community.

19. The steering group may act on behalf of the membership in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of membership. They also reserve the right to deny membership to an applicant in exceptional circumstances at their discretion. They may suspend membership in the case of delinquent accounts, and as a last resort remove members from the system.

20. The scheme can be wound up if, in the opinion of the steering group, it is no longer viable. Suitable steps should be taken to consult with the members if possible. All assets and any surplus funds must be donated to a registered charity.