SteemPower Investments Official Partnership Agreement and the formation of the SteemPower Investment Club
Steem powered investments @spinvest has been set up to offer an investment fund based on funding from STEEM POWER. Investments are funded through extracting value out of STEEM POWER and taking advantage of STEEM's high inflation rate. The aim is not to get rich quick; the aim is to build a safe portfolio of investments that will stand the test of time while insuring all investors starting capital is not at risk. Full details can be found here
PARTNERSHIP AGREEMENT of the SteemPower Investments Investment Club. This agreement is made on the 24th day of August in the year of 2019 between the undersigned people as members for the purpose of joint investment in @spinvest including stocks, shares, cryptos, securities and precious metals for mutual benefit and interest.
- The first principle of the club shall be that no member shall be deprived of his/her equitable share in the assets of the club.
- Members of the club are expected to hold a minimum of 10 SPI tokens
- Members shall be bound by the rules to be determined by members. Such rules may be varied by majority resolution at a properly convened club meeting but the rules shall not at any time contravene the principles of this agreement. The partnership agreement cannot be altered without the agreement of 75% of club members present during any club are annual meeting.
- The club shall deal solely with investments on behalf of its own members and shall neither deal on behalf of nor advise any persons other than its members in relation to investments of any kind. All its activities will be confined to the mutual benefit and interest of its members.
- Club membership has no limit to the amount of investors that can join.
- No member shall be compensated for services rendered to the club and no member shall bind or obligate the club or any member of the club to any matters outside the affairs of the club.
- The rules shall determine the procedure whereby a member may resign from the club and withdraw his/her equitable share of the club’s assets but the maximum period to elapse between the date of resignation and the date of full repayment shall not exceed 91 days.
- The club shall hold a general meeting once in every calendar year. The club’s first annual general meeting shall be within 15 months of its inauguration.
- At each annual general meeting, members:
a.shall receive the annual report and accounts.
b. may agree future plans for the Club.
c. may agree changes to the Agreement or the Rules.
d. may appoint trustees and officers, as required by the Club.
- Upon the death of any member the value of his/her equitable share in the club shall be paid to the executor of the estate in accordance with the club’s rules for dealing with a member leaving the club.
- After the ICO stage is completed, The club’s investments shall be held by a list of trustees, of whom there shall be at least two, who will sign a Declaration of Trust to be recorded on the STEEM blockchain.
- The shall use the @spinvest STEEM wallet as it's main bank. .All monies earned, curated, created from token sales are incomes from other sources shall transact through this account for auditing purposes.
- The ICO stage of SteemPower Investments will run until 1 million SPI tokens are issued to investors. Tokens shall be issued though direct and exchange sales, dividend payments, token price splits, giveaways are airdrop's.
- A member shall be expelled if ALL other members present at a properly constituted meeting of the club support a resolution to that effect. A member who is expelled shall be notified in writing and shall have his/her equitable share of the club assets returned within 91 days/13 weeks.
Rules of the SteemPower Investments Investment Club.
1. The affairs of the club
The affairs of the club shall be conducted in accordance with the letter and spirit of the partnership agreement laid down. The agreement may only be changed by agreement of not less than 75% of current members of the club during any club are annual meeting.
The affairs of the club during its ICO stage shall be managed by 2 officers - Operator and Executor.
a. Club members will be voted into officer roles as off platform investments and tasks required grow.
b. SteemPower Investments is set up to be semi-decentralized with club members deciding on investments, rules and partnership agreement amendments.
3. The number of people that can join the club shall not be limited to any number.
a. Acceptance of new members into the club shall be confirmed when the member has verified to agree to this agreement and currently holds more than 10 SPI tokens.
b. The club and its members reserves the right to refuse admission to any person without giving a reason.
4. Members of the club are encouraged to HODL and increase SPI token holdings
5. The club shall run it's main bank from the @spinvest wallet
a. All incomes, off platform investments, SE exchange withdraws and dividend payments shall transact through this STEEM account
b. Only appointed members will have access and are authorised to carrying out certain roles on behalf of the club.
c. No member can commit to an investment worth more than the amount of STEEM held in the account's saving wallet.
6. The club shall run a steem-engine wallet for trading tokens
a. All airdrops, mined, curated are earned tribe tokens shall be held on steem-engine
b. All withdraws will go directly to @spinvest
c. Only appointed members will have access to issuing new SPI tokens.
7. The club will only deal with the club's investment and for the benefit of the club only. It will neither advice nor deal on behalf of any person are other group.
a. No member shall make any commitment of investment on behalf of the club for personal gain
b. No member of the club shall be compensated for providing services to the club while in ICO stage
c. All affairs (conduct, behaviour, attendance of members, monetary etc.) affecting the club shall be agreed by the members at a club meeting.
d. A member shall be expelled by a resolution to that effect as set out in the Rules. A member who is expelled shall be notified in writing and shall have his/her equitable share of the club assets returned within 91 days as set out in the Rules.
8. When a member resigns and liquidate's all SPI token holdings, they must inform @spinvest within 7 days of resignation.
9. Upon the death of a club member, their club holdings shall will be transferred are paid to their executor in full payment within 91 days.
a. SPI tokens can be transferred to a nominated executor
b. SPI tokens will be cashed at the current buy back rate and sent in STEEM to a nominated user.
10. Club meetings will take place on discord every 13 weeks with the first taking place on the 2nd November 2019. The first annual meeting will take place within 15 months of the inauguration of this Agreement. Members are entitled to attend all meetings and to vote on all matters. A minimum of seven days notice, together with an agenda, will be given for Club, annual and general meetings from the @spinvest account..
11. The voting system is weighted
a. Any member must hold at least 10 SPI tokens to gain voting rights
b. 10-99 SPI's will earn a vote equal to 1
c .100-499 SPI's will earn a vote equal to 2
d. 500-999 SPI will earn a vote equal to 3
e. 1000-2499 SPI's will earn a vote equal to 4
d. 2500+ SPI's will earn a vote equal to 5
12. Minutes of club meeting shall be saved and issued to the blockchain through post from @spinvest within 72 hours of the meeting taking place
13. Tax affairs shall be dealt with by members themselves. An investment club is not liable to pay taxes for gains made from club investments.
a.Each individual member is responsible for reporting gains and losses on their individual tax returns.
b.In US, you fill in a 'form 1065 and schedule K-1 every year
c. In the UK, you fill in a form 185 capital gains tax: investment club certificate.
d. Information can be provided on request.
14. Club members acknowledge that the sole ownership of all equity appreciation shall reside with only those club members who have fulfilled all obligations as set out in this agreement.
15. The club shall be wound up and all assets converted to STEEM and divided among members in accordance with a resolution to that effect if passed by at least 80% of the members at a specially convened general meeting of the club.
16. After three years from the formal inauguration of the club the members shall convene a meeting to review complete holding and decide on a strategy for the next year
a. cashouts/partial cashouts to be decided and reviewed yearly therefore after
b. Investment balancing
c. Club structure
17. Capital account
a. The club’s assets shall be valued at least monthly by the operator and a report shall be presented through a post. The value of investments shall be based at real time.
b. The operators report shall include at minimum total @spinvest steem power earnings, tokens earned from tribes and incoming earned from off platform investments.
18. Running costs
Expenses incurred in managing the club shall be recorded in the club’s cash account.
19. After ICO stage
SteemPower Investments members transform to fully decentralized when 1 million tokens are issued to investors
a. There will be a special club meeting take place
b. Club members will decide on appointing task related roles, trustee holders and officers.
c. Appointed club members will hold access keys, passwords and have access to club funds
d. SPI token price goes to market value with no new tokens being issued by @spinvest
e. Current operator commits to stepping down after SteemPower Investments has completed its semi decentralized to fully decentralized transformation