200 Club Rules

Governance

  1. The Ealing Borough Lib Dems 200 Club is an unincorporated association run separately from the Ealing Borough Liberal Democrats. The purpose is to raise money for the Party. 
  2. The Club is open to subscriptions from any member or registered supporter of the Liberal Democrats.  
  3. The club is run by a committee. A quorum for a meeting is 2/3 of the committee members (rounded). So for example with three committee members, a quorum is 2. With four or five members a quorum is three and with six members a quorum is four.
  4. The officers are the chair and treasurer.  The chair is normally the chair of the Borough party.
  5. Any subscriber can be on the committee by request.

 

Operation

  1. The minimum subscription is £2 per month, in multiples of £2. There is no maximum.  
  2. Draws to identify the winners are monthly and annually. 
  3. The basis of the calculation is that 50% of the income is redistributed in prizes.  Half of that 50% (i.e. 25% of the income) is distributed monthly and the other half (also 25%) is distributed as an annual grand draw prize.  Details of the calculation below.
  4. The amount distributed monthly based on the income for the previous month.  The prizes are:
    (a)  First prize: 15% of the monthly income
    (b)  Second prize: 7.5% of the monthly income
    (c)   Third prize: 2.5% of the monthly income 
    Total 25% of the monthly income
  5. The annual draw is in December or January and the prize is 25% of the total income for the calendar year.  There is no monthly draw in December.
  6. The draw is made by someone who is not a subscriber.
  7. The draw is generated by the random number generator.  The prizes are calculated in such a way that the probability of winning is proportional to the contribution and is equivalent to each member having a numbered ticket for each pound sterling contribution.  The calculation is as follows: 
    (a) Each pound contributed per month buys one 'ticket number' - there are no physical tickets.
    (b) A ticket number is drawn at random.  
    (d) The first prize is allocated to the person with that ticket number 
    (e) The procedure is repeated for the second and third prizes.
    (f)  If the same ticket number appears twice, the whole draw is repeated.  This does not stop someone getting more than one prize in the same draw.
    Example.
    Say the first contributor invests £6 per month. They are assigned tickets 1-6. If the second person invests £4, they are 7-10 etc. Say the total monthly contribution is £300.  There are 300 tickets and a random number is generated between 1 and 300 - say 8. In our example prize is given to the second contributor who has tickets 7-10.
  8. The same procedure is followed for the annual draw but only one prize is created and the contribution over the year is used rather than the monthly amount.  So someone who contributes all year has a better chance than someone who joins towards the end of the year.
  9. Only people who are contributing at year end take part in the annual draw. 
  10. New contributors are asked to set up a standing order to following bank account:
       Sort code: 50-41-10
       Account number: 91350433
       Account name: Ealing Borough Liberal Democrats 100 Club. 
    Normally this can be done using on-line banking. If a contributor doesn't want to use online banking we have a form that can be used.     
    Please email 200club@ealinglibdems.org.uk.
  11. Prize payments are currently by cheque.