Jersey Funds Association

Constitution and Rules

Adopted 24th June 1991

  1. Title

     The name of the Association shall be the "Jersey Funds Association" (the "Association").

  2. Objects

    The objects of the Association are:

    1. to establish in the Island of Jersey an association of Jersey entities and individuals involved in or associated with the Island's funds industry ("Funds Organisations"); and
    2. to encourage co-operation between members of the Association and to stimulate the interest and participation of Funds Organisations in matters concerning Jersey's finance industry; and
    3. to provide a forum for discussion and exchange of ideas on matters of mutual interest to members of the Association and to provide a medium for expression of professional opinion on matters of public interest; and
    4. to establish a recognised medium for communication between the Association and:
      1. the Jersey Financial Services Commission and other public authorities of the Island of Jersey;
      2. the Jersey Finance Industry Association and Jersey Finance Limited; 
      3. other professional bodies with related interests; 
      4. the media; and 
      5. any other authority or body as may be expedient from time to time including public authorities or bodies situated outside the Island of Jersey. 
    5. to promote high standards of professional conduct amongst Funds Organisations in Jersey; and 
    6. to promote the reputation of the Island's funds industry and finance industry, both within the Island and outside; and
    7. to do all such other things as are incidental or may be thought conducive to the attainment of all or any of the above objects.
  3. Membership

    Membership of the Association will be open to all Funds Organisations approved by the Committee from time to time (and such other organisations and individuals as the Committee may from time to time approve).

    Applications for membership must be made to the Secretary of the Association and will be considered, approved or rejected by the Committee of the Association (in its absolute discretion), whose decision shall be final.

    The Committee shall have the power to refuse to renew the membership of any member whose activities are, in its opinion, inconsistent with any of the objects of the Association.

    The Committee shall not be obliged to disclose its reasons for any decision made in relation to this section.

    A member may not advertise itself as a member of the Association.

  4. General Meetings

    An Annual General Meeting of the Association will be held in every calendar year and shall be held not later than fifteen months after the date of the previous Annual General Meeting. Such Annual General Meetings shall transact the following business:

    1. Receive the Chairman's Report.
    2. Receive the financial statements of the Association for the past financial year.
    3. Agree annual subscriptions for the current year.
    4. Elect no more than fifteen representatives of members, who will form the Committee.
    5. Elect, from the above fifteen Committee members, a Chairman and Vice Chairman for the Association, who shall hold office until the next Annual General Meeting.
    6. Transact other business of which due notice has been given to the Secretary.

    A minimum of twenty-one days notice in writing of the Annual General Meeting shall be given to all members. Nominations for the representatives to be elected under (d) above must be received by the Secretary not less than seven working days before the Annual General Meeting and must be signed in each case by the proposer and seconder who must each represent a separate member of the Association.

    Notice of business to be transacted under (f) above must be received by the Secretary not less than seven working days before the date of the Annual General Meeting and shall give details of the proposed Resolution and the names of the proposer and seconder who must each represent a separate member of the Association.

    The Committee may call an Extraordinary General Meeting at any time by giving fourteen days' notice in writing to all members of the Association, and shall convene such a meeting within one month of receipt of a written request received from five or more members. The objects of the meeting shall be specified in the Notice. No business shall be transacted at a General Meeting unless a quorum is present at the time which the Meeting proceeds to business. For this purpose the representatives of ten members shall constitute a quorum.

  5. Financial Year

    The Financial Year of the Association shall end on 31st March. Accounts, which need not be audited, shall be prepared each year for submission to the Annual General Meeting.

  6. Subscriptions

    Subscriptions shall be payable on admission to membership and on 1st June for each subsequent year. Changes in the annual subscription may be made from time to time with the approval of the members in General Meeting. Membership will automatically cease if a member's subscription has not been paid by the end of the Financial Year in which the subscription becomes due.

  7. Votes at Meetings

    At any General Meeting at which a vote is called for, questions shall be determined by a simple majority of votes. Each member represented shall be entitled to one vote save at an election of the Committee when each member present shall be entitled to vote for any number of candidates up to the number of places being filled. In the event of equality of voting, the Chairman of the Meeting shall have a casting vote. Voting will be conducted on a show of hands.

  8. Committee

    The management of the affairs of the Association shall be delegated to a Committee. The Committee shall consist of a Chairman, a Vice Chairman and a maximum of thirteen other persons to be elected annually at the Annual General Meeting all being employees, directors or formally appointed representatives of members of the Association. A Committee member may resign at any time by notice in writing to the Secretary and the Committee may appoint another representative of a member to fill the vacancy until the next Annual General Meeting. The same person may only hold the office of either Chairman or Vice Chairman for a maximum of three years whereupon they must stand down. They can be re-elected to the Committee and the Vice Chairman can be elected Chairman. The Committee shall appoint from its ranks a Treasurer, a Secretary and such other officers as it may deem necessary and shall have powers to establish and delegate any matter to sub-Committees and to co-opt representatives of members and non-members to the Committee or to such sub-Committees.

    At meetings of the Committee, questions shall be determined by a simple majority of votes. Each person, including the Chairman, shall be entitled to one vote. In the event of equality of voting the Chairman, or in his absence the acting Chairman, shall have a casting vote. Three Committee members constitute a quorum. If a Committee member shall be unable to attend any Committee Meeting he or she may, with the approval of the Committee, nominate another representative of a member to attend, speak and vote in his/her place.

    The Committee shall have powers to do all such things and incur such expenditure as it, in its absolute discretion, deems necessary for the achievement of the objects of the Association and for the day to day running of the association. The Committee may pay subscription fees to the Jersey Finance Industry Association and such other organisations as may be approved by the Committee from time to time. Moreover, the Committee may seek such professional or other advice or may instruct or retain other service providers (such as media or computing consultants) as it, in its absolute discretion, deems necessary to perform its duties on behalf of the Association. The costs involved in each case shall be divided on an equal basis between members of the Association. Where any such expenditure is anticipated to exceed £150 per member per item of advice, or any such other sum as may be agreed in General Meeting, the Committee will seek prior approval of the members in General Meeting to the payment of the excess amount.

    The Committee may appoint a paid executive on such terms and to carry out such tasks as the Committee may, in its absolute discretion, deem necessary. The paid executive, if any, may be paid up to £10,000 per annum, or such other sum as shall be approved from time to time by the members in General Meeting.

    In the event of a vacancy arising in the post of Chairman or Vice Chairman, the Committee shall be entitled to appoint a Chairman or Vice Chairman, from within its number or failing which some other representative of a member to hold office until the next Annual General Meeting.

  9. Secretary

    If at any time there shall be no Secretary of the Association anything which these Rules require to be done to or by the Secretary shall be effective if done to or by one or more other Committee member(s).

  10. Amendments To The Constitution

    No additions to or alterations of this Constitution shall be made other than at an Annual General Meeting or at an Extraordinary General Meeting called for that purpose.

    Any member wishing to propose such alterations or additions must send the proposal duly seconded in writing to the Secretary for submission to the Committee. The Committee shall, if possible, bring the proposal before the next Annual General Meeting or may, if it thinks it desirable, or shall if the proposal is supported in writing by at least five members convene an Extraordinary General Meeting in order to consider that proposal, and any other business properly approved in accordance with Clause 4 above.