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TheConst

it
uti
onandBy
lawsof

BMEI
nvest
mentCl
ub

Pr
eambl
e

TheBMEI nvestmentCl ubisani nst


it
utioncompr isi
ngofZi mbabweanelectr
icalengineersinter
ested
i
nl ocalandi nternati
onalinvestmenti nprivateequi ty,propert
yandorcr eatingamanuf act
uring,
agricul
tural,
mi ni
ng, EnergyCompanyoranyot herbusi nessdeemedpr ofi
tabl
ebyt heInv est
mentCl ub
member s.TheCl ubf ocusesoncr eat
inginvestmentpor tf
oli
ospr i
mari
l
yinZimbabwewi thav i
sionto
extendt oSADCr egionandt herestofthewor ld.Thecl ubshallbeboundbyt helegalrequir
ement sof
theConst it
utionofZi mbabweoranyot hercountryinvestmenti sdeemedfeasibl
e.

ARTI
CLEI
:OFFI
CIALNAME&AFFI
LIATI
ON

SECTI
ON1.NAME:

a) Thenameofthi
sorgani
zat
ionwil
lnow beknownast heBMEI
nvest
mentCl
ub.(
her
eto
ref
err
edast
heOr
gani
zati
oni
nthi
sConst
it
uti
on/
Bylaws)

SECTI
ON.2AI
M/PURPOSE:

a) Thisorgani
zat
ionshal
lcreatei
nvest
mentpor t
fol
i
osinMi ni
ng,Manuf
act
uri
ng,
Agr
icul
tur
eand
EnergyinZi
mbabwewi t
ht hevi
sionofexpandi
ngtoothercount
ri
es.

SECTI
ON.3:
GOVERNANCE:

a) Theorgani
sat
ionshal
lregi
steracompanywit
ht heDepar
tmentofDeedsofZi
mbabweand
shal
lcr
eateamanagementteam t
orunwit
htheinvest
ment.

b) Thi
sorgani
zat
ionshallbegover
nedatal
ltimesbyt heprovi
sionsoft heConst
it
uti
onand
Byl
awsoftheBMEInvestmentCl
ub(
her
etorefer
redastheconst
itut
ion)
.

c) Thisorgani
zat
ionshal
lbegov
ernedbyacommi
tt
eeel
ect
edbyt
hemember
sev
eryt
hree
years.

ARTI
CLEI
I:MEMBERSHI
P

SECTI
ON1.GENERALMEMBERSHI
P:

a) Generalmember shipintheorganizati
onshallbeopent oZimbabweanElect
ri
calEngineers
regar
dlessoftheircount
ryofresidence.Thereshal
lnotbeanydiscr
imi
nati
onbasedonr ace,
rel
igi
on,poli
ti
calv iews,handicap,sex,et c.
,in accor
dance t
ot he r
equi
rements oft he
Consti
tuti
onofZimbabwe.

b) Tojoint
heor gani
zat
ion,candi
datesshal
lrequestt
obeaddedtothemember
shipl
i
stthr
ough
appli
cati
onf ormsthatwillbeassessedbyt hecommit
tee.Tobeaddedtot
hemember shi
p
li
st,acandidateshallconfor
mt othecondi t
ionsandr
equir
ementsoft
heorgani
sat
ionand
shallbei
ntervi
ewedbyt heCommi tt
ee.

c) Eli
gibi
l
ityforv
oti
ngshallbel
imi
tedtomemberswhoareingoodstandi
ng(whoar
eonthe
member shipl
i
st)atl
eastsev
endayspr
iort
otheschedul
edmeeti
ngatwhichthev
otei
sto
takeplace.

SECTI
ON2.MEMBERSHI
PMEETI
NGS:

a) Gener
almember
shi
pmeet
ingsshal
lmeetatl
eastonceamont
h.

b) Gener
almembershipmayconv
enespecialmeet
ingsatthecal
loft
hePr
esi
dentandatsuch
t
imeandinsuchplaceast
hePresi
dentmaydesi
gnate.
c) Meeti
ngscanbehel
dthroughuseofav
ail
abl
etechnol
ogi
esandmi
nut
esofsuchmeet
ings
shal
lbet
akenasatr
uerecord.

SECTI
ON3.MEMBERSHI
PCONTRI
BUTI
ONS:

a) Eachmembermustmakemonthl
ycont
ri
but
ionsof$**tot
hecl
ubport
fol
i
obyt
he5t
hofeach
month.Member
sareal
l
owedtomakethei
rcontr
ibut
ionsi
nadv
ance.

b) Eachmont
h’scontr
ibut
ionswil
lbekepti
ntheCl
ub’
sbankaccount
,unt
ilt
hecl
ub’
sAGM when
i
nvest
mentdeci
sionswillbet
aken.

c) I
famemberisdel
inquenti
nhisorhermonthlycont
ri
but
ionsf
oraper
iodofmorethan3
mont
hswit
houtareasonabl
eexplanat
ion,
thei
rmembershipmaybet
erminat
edfr
om thecl
ub
bya75%major
it
yv ot
eofthemember s.

d) Theter
minat
edmemberwi
l
lrecei
veanamountsubj
ectt
othet
ermsdescr
i nSe
bedi ct
ion4
oft
hisconst
it
uti
on.

e) Membersar
eresponsi
blef
orprovi
dinguptodateper
sonalorpr
ofessi
onal
inf
ormat
iont
hat
mayaf
fectt
heclub,t
oenableef
fect
iveandeff
ici
entr
unni
ng.

SECTI
ON4-WI
THDRAWALOFI
NTEREST:

a) Onl
eavi
ngbef
orethemat
uri
typeri
odofagr
eedinv
estmentvent
ure,t
hememberwi
l
lrecei
ve
t
hei
rcont
ri
but
ionsort
hei
rhol
dingsint
hecl
ub,l
essanytr
ansact
ionalcost
s.

b) Transact
ioncost
sar
ecost
sincur
redi
ndi
sposi
ngsomeoft
hecl
ubhol
dingsi
ftheneedar
ises
todoso.

c) Thei
rref
undwi
l
lbepr
ocessedwi
thi
nfourweeksoft
hei
rdepar
tur
e.

d) Themembercanal
sochooset
oleav
ethei
rhol
dingi
ntactunt
ilmat
uri
typer
iodofi
nvest
ment
s.

e) Theywi
llal
sohavetheopt
ionofinv
iti
ngasubst
it
utemembert
otakeov
ert
hei
rinv
est
ment
s
wit
hpri
orconsentf
rom amajor
it
yvote.

f
) Deat
horl
egal
incapaci
tyofamemberwi
l
lbeconsi
der
edwi
thdr
awal
.Member
swi
l
lnomi
nat
e
abenef
ici
aryf
orsuchanev
ent
ual
i
ty.Normal
rul
esofwi
thdr
awal
wil
lsuf
fi
ceunl
essdeci
ded
ot
herwi
sebytwothir
dsoft
hemembershi
p.

ARTI
CLEI
II
:OFFI
CERS&EXECUTI
VEBOARD

SECTI
ON1.OFFI
CERS:

a) Thi
s organizat
ion wi
llconsistofatl east4 cor
e of
fi
cers:Presi
dent,Vice Presi
dentof
I
nvest
ment s,VPofFinance(Treasur
er)andVPofCommunicati
ons/Market
ing(Secret
ary)
.

b) Thisorgani
zat
ionwi
llconsi
stofaddit
ionalof
fi
cer
saspartofthei
rexecut
iveboar
d:VPof
Technology
,VPofEv
entsandOperat
ions,twocommit
teemembers.

c) Al
lof
fi
cer
smustbemember
singoodst
andi
ngatal
lti
mes.

SECTI
ON2.AMENDMENTTOOFFI
CERPOSI
TIONS:

a) Of
ficerposi
ti
onscanbechangedoraddedbyasimplemajor
it
yvoteofthecurrentof
fi
cer
s
pr
esentatanoff
icer
’smeet
ing.(
Co-
Presi
dent
s,Co-
VPofI
nvest
mentsarepossi
bleopti
ons)
.
SECTI
ON3.EXECUTI
VEBOARD:

a) Thereshal
lbeanExecuti
veBoar
dofthi
sOrganizati
on,whi
chshal
lhaveallt
hepower
sand
duti
esofthi
sOrgani
zat
ionwhent
hef
ullmembershipisnoti
nact
ualsessi
on.

b) TheExecuti
veBoardshal
lconductthebusi
nessoftheOrgani
zat
ionandappr
ovef
inanci
al
tr
ansact
ionsi
nbetweennor
mallyschedul
edof
fi
cerandgener
almeeti
ngs.

SECTI
ON4.EXECUTI
VEBOARDMEMBERSHI
P:

1. Pr
esi
dent

2. VPofI
nvest
ment
s

3. VPofFi
nance

4. VPofCommuni
cat
ions&Mar
ket
ing

5. VPofTechnol
ogy

SECTI
ON5.OFFI
CER’
SRESPONSI
BLI
TIES:

1.Pr
esi
dent

a) Set
sthev
isi
onandst
rat
egi
cdi
rect
ionofcl
ub.

b) Bui
l
dsr
elat
ionshi
pswi
thGov
ernment
,inv
est
orsandot
hercr
it
ical
int
erest
edpar
ti
es.

c) Runsandset
smeet
ingagendasandhel
pspr
epar
eformeet
ing

d) Repr
esent
scl
ubt
oot
heror
gani
zat
ions

e) Responsi
blefort
hePor
tfol
i
o ManagementTeam andneedst
oful
fi
lCo-Por
tfol
i
o Fund
Managerrol
e

f
) Responsi
blef
orov
eral
lst
rat
egi
cdeci
si
ons.

g) BeaSect
orAnal
ystorAssoci
ate

1. VPofI
nvest
ment
s

a) Act
sast heri
ghthandman/
womanf ort
hepr
esi
dent
.Int
heabsenceoft
hepr
esi
dent
,runt
he
meeti
ngs,sett
hemeeti
ngagenda.

b) TheVi
cePresi
dentwillassumethedut
iesandr
esponsi
bil
i
tiesoft
hePr
esi
denti
fhe/
she
mustr
esi
gnfr
om thatposi
tion.

c) Assi
sti
npr
ovi
dingcont
entf
ormeet
ings,
present
ati
ons,
anddi
scussi
ons

d) Assess i
nvest
mentopportuni
ti
es,cr
eat
einv
est
mentpor
tfol
i
os and car
ry outf
inanci
al
j
usti
fi
cati
onfori
dent
if
iedi
nvest
ments.

e) Responsi
blefort
hePor
tfol
i
oManagementTeam andneedst
oful
fi
lCo-Por
tfol
i
oFund
Managerrol
e

f
) Coor
dinat
esal
lsect
ort
eam communi
cat
ionsandl
ogi
sti
cs.

g) BeaSect
orAnal
ystorAssoci
ate.

2. VPofFi
nance(
Treasur
er)

a) Responsi
blef
orf
ulf
il
li
ngf
inanci
alr
equi
rement
s
b) Al
lfi
scal
mat
ter
sar
ether
esponsi
bil
i
tyoft
heTr
easur
er.

c) Responsi
blef
oral
lfi
nanci
alpaper
wor
kincl
udi
ngr
eimbur
sement
s,pur
chaseor
der
s,

d) Responsi
blef
orcr
eat
ingandmai
ntai
ningcur
rentandpr
oject
edbudget
sforcl
ub.

e) Ov
erseeandsetbudget
sforanyi
nvest
ment
sandcapi
tal
requi
rement
s

f
) Adv
isescommi
tt
eeonbet
terappr
oachest
oinv
est
ment
.

3. VPofCommuni
cat
ions&Mar
ket
ing(
Secr
etar
y)

a) Communi
cat
eandmar
ketcl
ubev
ent
sandoppor
tuni
ti
est
oal
lmember
s.

b) Manage/
updat
ethecl
ubwebsi
te,
Facebook,
Googl
ecal
endar
,et
c.

c) Responsi
blef
oral
lcl
ubl
egal
andconst
it
uti
onal
requi
rement
s.

d) Keepupdat
edmi
nut
esofal
lmeet
ingsoft
hesoci
ety
/or
gani
zat
ion.

e) The Secr
etar
ywi
l
lbe r
esponsi
blef
ormai
ntai
ning cor
respondence bet
ween appr
opr
iat
e
par
ti
es.

f
) TheSecr
etar
ywi
l
lber
esponsi
blef
ormai
ntai
ningamember
shi
pli
stofal
lof
fi
cial
member
s.

4. VPofTechnol
ogy

(
a)Researchonexi
sti
ngandnew t
echnol
ogyt
hatt
heor
gani
sat
ioncani
nvesti
norcanuset
o
opti
miseinv
est
ments.

(
b)Responsibl
eforanyt
echnol
ogyorel
ect
roni
cresour
cei
ssues,
especi
all
yforchal
l
engesf
aced
bysectorteams

(
c) Pr
ovi
det
echnol
ogyopt
ionst
hatar
ecostef
fect
ivet
otheor
gani
sat
ioni
nal
lthei
nvest
ment
s.

ARTI
CLEI
V:PORTFOLI
OMANAGERS&SECTORTEAMS

SECTI
ON1.FUNDMANAGEMENTTEAMS’
RESPONSI
BLI
TIES:

1. Por
tfol
i
oManager
s

a) Ev
aluat
eandf
aci
l
itat
einv
est
mentdeci
si
ons.

b) Det
ermi
neequi
tysect
oral
l
ocat
ionsandr
ecommendal
l
ocat
ionchanges.

c) Tr
ackFundper
for
mance.

d) Moder
atef
undmeet
ings.

e) Manageext
ernal
aff
air
soft
heFund.

f
) Pr
omot
etheFundt
othi
rdpar
ti
esandseekcont
ri
but
ionsf
rom i
ndi
vi
dual
sandor
gani
zat
ions.

g) Por
tfol
i
omanager
swi
l
lhav
eanoppor
tuni
tyt
oconductt
hei
rownequi
tyAnal
ysi
s

2. Anal
yst
s

a) Dev
elopandpr
esenti
nvest
mentr
ecommendat
ions(
Buy
/Hol
d/Sel
l
).

b) Conductfundamentalequi
tyanal
ysi
s,i
ncl
udi
ngsect
or/
indust
ryanal
ysi
sandi
ntr
insi
cand
rel
ati
vevaluat
ion.
c) Resear
chandmoni
torsect
orandi
ndust
ryt
rends.

d) Leadandor
gani
zemeet
ingswi
thanal
yst
sandassoci
atesf
ort
hei
rrespect
ivesect
ors

3. Associ
ates

a) Theassociateswil
lhel
ptheanalyst
stodosomepar tsofthestockr
esearchthati
nclude,
butarenotl i
mit
edt opresenti
nvestmentrecommendations(Buy
/Hold/Sel
l)
,conduct
fundamentalequi
tyanal
ysis,i
ncl
udingsect
or/i
ndust
ryanalysi
sandint
ri
nsicandr el
ati
ve
valuat
ion,

b) Resear
chandmoni
torsect
orandi
ndust
ryt
rends.

SECTI
ON2.BMEI
NVESTMENTFUND:

1. Aut
hor
it
y

a) Thi
sor
gani
zat
ionhasasol
eaut
hor
it
yov
ert
heBMEI
nvest
mentFund

ARTI
CLEV:
ELECTI
ONS

SECTI
ON1.ELECTI
ONOFOFFI
CERS

1. El
ect
ions

a) Alloffi
cersmustdecl
aret
hei
rcandi
dacybef
oret
heel
ect
ionmeet
ing,cal
l
edbyt
he
Pr
esident.

b) Asi
mplemaj
ori
tyvoteofthemembership,i
srequi
redt
oel
ectamemberi
ngoodst
andi
ng
asi
ndi
cat
edi
nAr t
icl
eII
)toanoff
icerposit
ion.

c) Elect
ionsshal
lbeheldaft
ereveryt
hreeweeksandmember
swhohav
ebeenel
ect
edi
n
thecommi t
teecannotber
e-el
ect
edinoff
ice.

SECTI
ON2.APPOI
NTMENTOFPORTFOLI
OMANAGERS&SECTORTEAMS

1. Por
tfol
i
oManager
s

a) Al
lPor
tfol
i
oManager
sar
eresponsi
blef
ort
hemanagementoft
heI
nvest
ment
s.

2. Sect
orAnal
yst
sandAssoci
ates

b) Theoff
icer
sbasedontherulessetbyt
heI
nvest
mentFundPol
i
cySt
atementappoi
ntal
l
Sect
oranal
yst
sandassoci
ates.

ARTI
CLEVIAMENDMENTS

SECTI
ON1.AMENDMENTS:

1. Const
it
uti
on

a) Thi
sconsti
tut
ionmaybeamendedbyt hemaj
ori
tyvot
eoft
heof
fi
cer
sort
hegener
al
membershi
p(deter
minedbyt
heof
fi
cer
s)oft
hemeeti
ng.

2. I
nvest
mentFundPol
i
cySt
atement

a) Thi
s documenti
st he gov
erni
ng documentforthe BME Invest
mentFund and t
he
st
atementmaybeamendedbyat wo-
thi
rdsvot
eoft
heof f
icer
softhecl
ub.

3. Const
it
uti
onal
Power
s&Hi
erar
chy

a) Thisclub’
sconst it
ution(provisi
ons)shallov err
ideanypr ovi
sionsst at
edexplici
tl
yor
i
mpl i
cit
lyi
nanyot herdocument sthatshallbegenerat
edf orBMEI nvestment.Whenther e
i
saconf li
ctbet
weent hi
sclub’sconsti
tut
ionandanyot herpoli
ciesthatshal
lbegenerated
foruseintheorganisati
on,theclub’
sconstitut
ionhassupersedi
ngandov er
ri
dingpower s.
b) Foranyprovi
sions,rul
es,regulat
ions,i
ssuesnotexpli
cit
lyaddr
essedinthi
sdocument
maybesuppl ement ed bynew pr ovi
sions,rul
es,and r
egul
ati
ons,det
ermi
ned bythe
major
it
yoftheofficer
sthatwill
hav eoverr
idi
ngpowers.

Dat
e:December16t
h,2018