Rules of the Stock Exchange Benevolent Fund

These are rules adopted by a General Meeting of the SEBF in 2015

1. Name and Registered Office

The Stock Exchange Benevolent Fund of 10 Patermoster Square, St. Pauls, London, EC4M 7DX (in this document it is called "the Fund").

2. Objects

The objects of the Fund ('the objects') are the relief of cases of need or distress among the following persons and charities:

  1. Any former individual Member of the Stock Exchange who has in the opinion of the General Committee conducted themselves in business in an upright and honest manner during their years of membership.
  2. Any wife, husband, widow, widower, son, daughter, mother, father, brother, sister, nephew or niece of any such former Member.
  3. Any other person who, in the opinion of the General Committee had during the life of any such former Member been dependent on him or her for financial support.
  4. Any charity which supports anyone who was a member of or was directly employed by or worked for a member firm of any United Kingdom Stock Exchange or their dependents.

It shall be permissible to provide for the relief of any such former members or their dependents by making payments direct to institutions or schools that undertake to provide services for such persons.

3. Restrictions on Relief

  1. All grants are paid at the entire discretion of the General Committee.
  2. Unless in any particular case the General Committee sees special reason to depart from this Rule no application for relief shall be entertained on behalf of:-
    1. any former member whose term of Membership has in the opinion of the General Committee been insufficient to qualify them or their dependants for assistance.
    2. any dependent of a former member who has attained the age of 18 years unless they are prevented by serious illness or mental or physical disability from earning their own living.

4. Membership of the Fund

  1. Membership is open to all Members or former Members of The Stock Exchange and such other persons or class of persons as the Committee shall recommend for approval by a general meeting.
    1. The Committee may only refuse an application for membership if, acting reasonably and properly, they consider it to be in the best interests of the Fund to refuse the application.
    2. The Committee must inform the applicant in writing of the reasons for the refusal within twenty-one days of the decision.
    3. The Committee must consider any written representations the applicant may make about the decision. The Committee's decision following any written representations must be notified to the applicant in writing but shall be final.
  2. Membership is not transferable to anyone else.
  3. A member may attend and vote at any general meeting of the Fund.

5. Termination of membership

Membership is terminated if:

  1. the member dies;
  2. the member resigns by written notice to the Committee unless, after the resignation, there would be less than two members;
  3. the member is removed from membership by a resolution of the Committee that it is in the best interests of the Fund that his or her membership is terminated. A resolution to remove a member from membership may only be passed if:
    1. the member has been given at least twenty one days' notice in writing of the meeting of the General Committee at which the resolution will be proposed and the reasons why it is to be proposed;
    2. the member or, at the option of the member, the member's representative (who need not be a member of the Fund) has been allowed to make representations to the meeting.

6. General Committee

  1. The Fund shall be managed and administered by a General Committee comprising the officers and other members elected in accordance with this constitution ("the Committee"). The maximum number of members of the Committee shall not exceed twenty three.
  2. The Committee shall after their election at a general meeting elect the following officers:
  3. A chairman (the candidate to be proposed by the Trustees);
  4. A deputy chairman (the candidate to be proposed by the Trustees).
  5. No one may be appointed a member of the Committee if he or she would be disqualified from acting under the provisions of clause 16.
  6. The number of members of the Committee shall be not less than ten all of whom shall be elected annually at the General Meeting.
  7. Each of the members of the Committee shall retire with effect from the conclusion of the annual general meeting next after his or her appointment but shall be eligible for re-election at that annual general meeting.
  8. The Committee shall have power to co-opt members but the co-option of a member will require ratification at the next general meeting. A co-opted member may stand for election at the general meeting following his co-option.
  9. No-one may be elected a member of the Committee at any annual general meeting unless prior to the meeting the Fund is given a notice that:
    1. is signed by a member entitled to vote at the meeting;
    2. states the member's intention to propose the appointment of a person as a member of the Committee or as an officer;
    3. the person who is to be proposed has shown his or her willingness to be appointed.

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