EXETER Local Exchange Trading Scheme
1. The Exeter Local Exchange Trading System is a non-profit club, whose rights and authority are invested in the Core Group, who act on behalf of the members.
2. The LETS system provides an information service and maintains a central account so that members can exchange goods and services.
3. Members agree to the LETS system holding their details on computer and distributing relevant details to other members for the purpose of exchange.
4. Members may give, or receive from each other, credit in the accepted Exeter LETS unit of account, the X.
5. Only account holders can authorise transfers of units from their accounts.
6. Members may engage in transactions entirely in Xs or in part cash, but only Xs are recorded on the LETS accounting system.
7. All accounts start at zero. Members do not need to be in credit before issuing a credit to another member, subject to limits that the Core Group may set.
8. No member is obliged to accept any individual invitation to exchange, or to engage, in any LETS transaction whatsoever.
9. On leaving the Scheme, members with outstanding commitments are obliged to balance their accounts.
10. Members are entitled to know the trading details, ie the balances and turnovers of other members, and these are available to view in the online system.
11. No interest is charged on accounts. The Core Group is authorised to levy joining and renewal fees in Xs and/or sterling on a cost-of-service basis, and service charges in Xs, on all accounts at rates set in consultation with members.
12. The LETS system administrator may decline to record an account or directory entry considered inappropriate for legal or other reasons.
13. LETS operates on trust between members, and it is the responsibility of individual members to satisfy themselves as to the skill and qualifications of the person offering a service. There is no guarantee of value, condition or quality of a service or item exchanged. In the Directory, members are invited to say whether they are qualified (*) or experienced (^). Members making use of a service offered must take responsibility for deciding whether to accept.
14. Members are responsible for their own tax liabilities and returns. The LETS system has no obligation or liability to report to the taxation authorities or to collect taxes on their behalf.
15. Members have the right to attend any meeting of the Core Group and to participate in decision-making. Members have a right of appeal to the Core Group on all management decisions.
16. The Core Group may, on behalf of the Scheme, seek explanation or satisfaction from a member whose activity is considered to be contrary to the interests of the membership. The Core Group, exceptionally, may suspend or expel members in the last resort. The Core Group also reserves the right to deny membership.
17. Members agree to be bound by the conditions of this Agreement.
18. The Core Group will be elected by the membership of Exeter LETS at the Annual General Meeting.