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ID-9-3 Members' Agreements. January 8th, 1986
Members' Agreements.
1) LETS is a non-profit agency whose rights and authority are
vested in a TRUSTEE who acts as an agent for the members who
are principals. LETS provides a service which allows
members to exchange information to support trading and
maintains such accounts of that trading as members request.
2) Members shall be willing to consider trading in green dollars.
3) The trustee will transfer green dollars from one member's
account to that of another only on the authority of the
member making payment.
4) The trustee may decline to record an acknowledgement
considered in appropriate.
5) A "green dollar" shall be considered to represent a dollar.
6) A member may know the balance and turnover of another member.
7) (a) Accountability for taxes incurred by members is the
obligation of those involved in an exchange, and LETS
has no obligation or liability to report to taxation
authorities or to collect taxes on their behalf.
(b) No warranty or undertaking as to value, condition, or
quality of the items exchanged is expressed or implied
by virtue of the introduction of members to each other.
(c) While all information on member accounts excepting
balance and turnover, is considered personal and
confidential, the LETSystem cannot guarantee that
confidentiality, or necessarily be held liable for any
breach of it.
8) The trustee is authorized to levy charges on members'
accounts in green dollars at rates assessed by the trustee
in liason with the Board of Advisors.
9) The trustee may act on behalf of the community in seeking
satisfaction from a member whose account is deliquent.
All these agreements must be observed for an organization to
qualify as a LETSystem.
Landsman Community Services Ltd. ID-9-3 Page 1
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