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Club Rules

CAMRA Members’ Investment Club Rules

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.

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.

1. Commencement

1st January 1989.

2. Year End

31st March.

3. Membership

  • i. Joining

    Restricted to CAMRA members only, who can join at any time 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 of £20 at the date of withdrawal.

    Cessation of CAMRA membership is also cessation of membership of the CAMRA Members’ Investment Club. However, effective from 1 April 2023, a club member leaving CAMRA can elect to leave funds invested in the club but may make no further contributions to them without rejoining CAMRA.

  • iv. Repayments

    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. Deceased Members

    In the event of the death of a member, the default position is that repayment of units will be based on the current value at the end of the month in which the death occurred.

    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.

    Alternatively, and upon request by the estate when the death is notified, the units can remain invested in the club for a period not exceeding 12-months from the end of the month of notification.

  • vi. Unclaimed Monies

    The committee reserves the right to write off all unclaimed monies after a period of 6 years, including but not limited to deceased or untraceable members’ funds.

  • vii. All of the Above

    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, physically or using an electronic platform, and is responsible for investment decisions. Suggested investments from individual club members are welcomed by the club committee at any time and will be discussed at its next meeting.

The club committee membership is limited to a maximum of 12, at least four of whom to be present for any meeting to be considered quorate. 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 committee 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 investments 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, e.g., hops, malt, or hand pump manufacture, if and when shares in such companies are on the market. Only in exceptional circumstances will any entire shareholding be sold.

6. Investments

For administrative purposes, where appropriate, the investments will be held in nominee accounts administered by the club’s stockbrokers.

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 01 April.

11. Subscriptions


12. Annual General Meeting

The Annual General Meeting will take place within six months of the club’s year-end and the club membership will be notified in advance of the date and the venue.

There will be one vote per member present, irrespective of the size of that member’s investment.

An AGM may be held physically or using an electronic platform, or a combination of both, and any accidental omission to inform any club member of the meeting, or the non-receipt of such notice by a member, shall not invalidate the proceedings at the meeting.

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:-

  • i. Notification

    All members to be notified as soon as possible;

  • ii. Cancellations

    Arrangements to be made for the cancellation of all subscriptions as soon as possible;

  • iii. Refunds

    All existing refund requests to be settled in accordance with Rule 3 (iii) and (v) above;

  • iv. Unclaimed Refunds

    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);

  • v. Charges

    All outstanding charges, fees, etc., up to the date of termination, to be paid, including the associated winding-up costs;

  • vi. Club Funds

    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