I like 10 days. There is no reason for any delay once the withdrawal contents have been fixed. As it is, the withdrawing member has from the date their withdrawal letter is submitted until the next valuation date to supply their information before the withdrawal contents are fixed. That should be enough time. I'm of the school that says you should not put obstacles in the way of someone getting their assets, but you also should not burden the club or treasurer in the process.

 

Remember, the treasurer's role, once the withdrawal has been fixed, should be to disburse the assets as quickly as possible. After all, the assets no longer belong to the club. If the withdrawing member doesn't want to cooperate, s/he can wait the 4-6 weeks for a stock certificate to issue and pay the extra costs associated with it.

 

Ira Smilovitz

 

Ira and Gene,

You and Gene have just been fantastic with making our Tax
process understandable: both in clarity and in such fast
timeliness of response.... Will I be able to thank you in
person at InvestEd this year? I'll be there!

What do you suggest for the "x" in number of days in each of
the places below? I'm thinking 45 or 60 days for Treasurer
to process, and 30 days for them to send account number? Are
those too long?

If we use those longer times, would the Valuation Date
remain the Friday before the next meeting after they give
notice? If so, perhaps they should have 15 days in which to
send us their account number. Since it's in the bylaws, they
should have it ready at the time they withdraw anyway.

thanks, Etana

"the club will process all withdrawals within x days of the
withdrawal valuation. Costs of processing the withdrawal
will be charged to the member requesting the withdrawal"
Members have up until x days to provide account info or else
you submit the letter to the broker asking for certificates.