Wales Local Exchange Trading Scheme - our Networking, Organising & Exchange Space!
Draft at April 2018
1. LETSlink Wales is a non-profit organization, affiliated to LETSlink UK, whose rights and authority are vested in the members who delegate that authority to the management group who act on their behalf.
2. LETSlink Wales provides an information service through which members can exchange goods and services, and maintains a central account of those exchanges for the benefit of members.
3. Key information is available to all members. Members agree to LETSlink Wales holding their details on computer and distributing to other members those details relevant to the purpose of exchange. Members also agree to the directory of goods and services being distributed to the general membership for publicity purposes. Members agree not to use data, eg mailing lists, outside the hub.
4. Members may give or receive from each other credit in the accepted LETSlink Wales unit of account called Dragons. These units are considered to represent the nominal value of £10 (e.g. ten pounds = one hour’s work) and are recorded centrally.
5. Only the account holder can authorize the transfer of units from their account to that of another.
6. Members may engage in any transaction entirely in Dragons, or on a part cash, part Dragon basis, but only Dragons are recorded on the LETSlink Wales system. Where a sterling or renewal fee is charged, the committee may carry out a transaction reimbursing the donor in Dragons from a designed Fund in the system.
7. All accounts start at zero. Members are not obliged to be in receipt of any credit before issuing another member with credit from their account, subject to any limit that may be set by the management group from time to time.
8. No member is obliged to accept any particularly invitation to trade, or to engage in any transaction whatsoever with other members. On leaving the LETSlink Wales however, members with commitments outstanding are obliged to balance their account.
9. Any member is entitled to know the balance and turnover of another member's account. The management group will make available the balances and transactions on all accounts for members to view.
10. No interest is charged or paid on balances. The management group is authorized to charge joining or renewal fees in Sterling or in Dragons on a cost-of-service basis as the situation requires, and to levy service charges on member's accounts at rates assessed in consultation with the membership or advisory group. When Sterling
11. The LETSlink Wales system administrators may decline to record an account or directory entry considered inappropriate for legal or other reasons.
12. 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. LETSlink Wales publishes a list of the resources and services made available to members but cannot be held responsible for the actual goods and services offered.
13. Members have the right and are encouraged to attend any meeting of the management group and to participate in decision making. Members have a right of appeal to the advisory group on all management decisions.
14. The management group may act on behalf of members in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. The management group, in consultation with the advisory group, may suspend membership in the case of delinquent accounts and as a last resort may remove members from the system. The management group may also reserve the right to deny membership to an applicant in exceptional circumstances at their discretion.
15. Membership in LETSlink Wales implies acceptance of the conditions of this agreement.
16. Proposals to update, change or modify this agreement need
to be agreed by majority vote at an Annual General Meeting, or Extra-ordinary
General Meeting, then approved by LETSlink UK before they are implemented. In
the case of dispute, the Committee will meet with representatives of LETSlink
UK, to resolve the issues behind the proposed amendment(s).