The EGM

[bambi]

Right guys, the story with the EGM is this

a) Since we have to give 10 days notice it'll be on Wednesday 2nd March, meeting at the notice board in the arts block at 7.30pm.

b) The reason we want to do this separately to the AGM is that we want to have it sorted for next years committee so that a new group of people won't have to start talking to the sports office from the beginning again.

c) Not sure what the minimum number we require is but it's a percentage of our members and since we have a lot of people on our membership list who aren't active members we'd appreciate it if everyone could come out.

d) This is the motion for the EGM as agreed with the AUC subject to the members of the club agreeing aswell. If anyone has any questions gimme a shout and I should be able to explain the situation to you.

Motions proposed for the Extra-Ordinary General Meeting of the UCD-Canoe Club,  2nd March 2005

1) Authorisation to Borrow

The elected representatives of UCD Canoe Club (the committee members) are hereby authorised to borrow a sum of €12,000 in February 2005 to purchase new equipment for UCD Canoe Club. This borrowing is authorised subject to the condition that UCD Canoe Club will fundraise an additional €12,000 in the next five years. The money from the loan account shall be released at the same rate that the canoe club raises it ie. every euro that is raised by the canoe club will be matched by a euro from the loan account by the AUC. This is subject to an upper limit of 12,000 over the five year period.

2) Interest Repayments

a.     The credit agreement is based on the understanding that the principal of the loan will be paid by the UCD Athletic Union Council at a rate of €3,000 per annum over a five-year period.
b.    UCD Athletic Union Council will pay the annual interest repayments    occurring on the loan directly into the loan account from UCD Canoe Club Club’s Basic Annual Grant, until the loan has been repaid in full.
c.    The reason for this is to guarantee that interest repayments will be met and there is no opportunity for the money to be spent otherwise.
d.    The interest repayments will be approximately €3,000 over the five years.

3) Future Committees

a.   All future incoming committee members will be presented with this statement and shall be bound to abide by it.
b.   Each committee member for the year 2004-2005 shall sign the mandate for the Bank Accounts held in the name of UCD Canoe Club.
c.   Each member of future committees during the period of the loan, shall be obliged to sign the mandate for the Bank Accounts held in the name of UCD Canoe Club, following their election at the  Annual General Meetings of UCD Canoe Club, thus passing on any personal liability for the outstanding amount of the loan from outgoing committee members to incoming committee members.
d.   It shall be noted that the AUC will be a joint signatories on the account and all transactions will require the signatures of one member of the AUC and one member of the UCD Canoe Club committee.
e.   UCD Canoe Club will be excluded from applying for another special grant until the academic year 2009/2010.

4) In the event of UCD Canoe Club being disbanded

Should the UCD Canoe Club be disbanded during the period of the loan, the assets of the club can be liquidated to meet and clear any existing liabilities arising from the credit agreement.

[aidan j]

UCD Canoe Club will be excluded from applying for another special grant until the academic year 2009/2010


Is €24,000 enough to replace all the equiptment?

[kill]

It certainly spreads us thin on the general running of the club front. At least we won't have to subsiidise the varsities next year.

2questions:
Why is the AUC paying 3000 a year for 5 years to pay off a 12000eur loan?

What could result in personal liability for the outstanding amount of the loan?

[bambi]

To answer your questions

It's not to replace all the equipement, just update the really old stuff. Our plan was to basically buy a whole load of new paddles and about 15 new boats. Also we'll also be able to buy some kit out of our yearly maintenance grant.

It won't effect the day-to-day running of the club as it's a special grant and therefore it doesn't change the amount of money that we would get to keep the club up and running for the year.

This is counted as year one of the loan so they'll basically be paying the loan off over the next 4 years since it won't be sorted until the end of this year. That's why it's €3000 a year.

Killian, what do you mean by personal liability for the outstanding amount of the loan?

[eoghanp]

caoimhe,

a quorum (according to the clubs constitution) consists of 20 voting members, so thats the minimum number of people needed to make the EGM valid

[kill]

c. Each member of future committees during the period of the loan, shall be obliged to sign the mandate for the Bank Accounts held in the name of UCD Canoe Club, following their election at the Annual General Meetings of UCD Canoe Club, thus passing on any personal liability for the outstanding amount of the loan from outgoing committee members to incoming committee members.

I misunderstood the part about the AUC paying our interest repayments to our loan account. I had thought that the interest was coming from our general grant from the beginning of the year.

[Brendino]

You seem very concerned Kill.

Might this grant be a stumbling block in your political aspirations as club President?

[eoghanp]

Might this grant be a stumbling block in your political aspirations as club President?

erm....we dont have a president. unless killian is planning a coup d'etat and installing himself as president afterward. but if you were gonna do that wouldn't you come up with a cooler title? something along the lines of Supreme High Chancellor of the Canoe Club maybe? :lol:

[Brendino]

Actually I was flip flopping between President and Taoiseach, but I would have had to spell it Tee shock for you Orts Students so I went with President to make it easy for you.

[kill]

Junior Vice President Killian Halpin would like to state that he has no plans as of yet to take over the club. However, it is good to see that they are taking out a huge loan. This will make it much easier for me to cause bankruptcy and do what the ITC committee has been trying to do for years... IMPEACH THE COMMITTEE!!! Mwaaa haa haa  :twisted:  :twisted:  :twisted:

[joxer]

Is it worth trying to draft up some ideas for fundraising or to ask incoming committee hopefulls to propose there ideas when being nominated

[Fordius Maximus]

c. Each member of future committees during the period of the loan, shall be obliged to sign the mandate for the Bank Accounts held in the name of UCD Canoe Club, following their election at the Annual General Meetings of UCD Canoe Club, thus passing on any personal liability for the outstanding amount of the loan from outgoing committee members to incoming committee members.

I misunderstood the part about the AUC paying our interest repayments to our loan account. I had thought that the interest was coming from our general grant from the beginning of the year.

According to the wording of the motion:

 b. UCD Athletic Union Council will pay the annual interest repayments occurring on the loan directly into the loan account from UCD Canoe Club Club’s Basic Annual Grant, until the loan has been repaid in full.

the AUC WILL deduct the interest from your basic grant.


However, if each year is limited to drawing down the amount that they raise in that year, why is a loan account necessary, unless any one year raises and draws down more than three grand in that year.  Perhaps you should also consider limiting the amount that any one year can draw down to three thousand.  This way all 12 grand won't be squandered in one year.

Alternately, you could just tell the AUC to go and <message truncated>

[Mr C]

Unfortunately I was not able to be there last night. I'm wondering on the outcome? I presume (it being an EGM n all) that some minutes were taken? Will these be made available over the website maybe?

What decisions have been reached?