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Membership terms

Please read these terms and conditions carefully before becoming a corporate member

City Hive ACT Membership Terms and Conditions (PDF)

Existing members

  1. Members at the date of adoption of these Rules shall continue to be members until their membership is terminated in accordance with them.

Eligibility for membership

  1. Any organisation which supports the objectives of City Hive may be admitted as a member.
  2. ‘Organisation’ includes a company or other body corporate, an unincorporated body of trustees or a partnership.

Classes of members

  1. There shall be two classes of members: -
    1. ACT Signatory Member; and
    2. City Hive Members;
  2. A member shall be admitted as an ACT Signatory Member if they are eligible to become a Signatory to the ACT corporate culture standard for investment companies.
  3. ACT Signatory Members automatically also become City Hive Members.
  4. A member shall be admitted as a City Hive Member if they are an ACT Signatory Member or they support the objectives of City Hive but are not eligible to be become a Signatory to the ACT corporate culture standard for investment companies.
  5. Subject to Rules 6, 7 and 8 the following members shall be admitted as City Hive Members:
    1. ACT Signatory Members
    2. Asset Owners
    3. Sovereign Wealth Funds
    4. Investment Consultants
    5. Any other member the City Hive Board, in its absolute discretion, considers should be admitted as a City Hive Member.
  6. All other members shall be admitted as ACT Signatory Member.

Admission to membership

  1. The co-Chief Executives shall have delegated authority to admit members if they:
    1. Are eligible for membership
    2. Complete the application form required
    3. Pay their initial subscription
  2. The co-Chief Executives may
    1. Require any applicant for membership to supply such additional information as they may reasonably require
    2. Refuse any application for membership, notifying the applicant that they may apply to the Membership Panel for it to be reconsidered
    3. Refer any application for membership to the Membership Panel on their own initiative.

Exclusion from membership

  1. Applications for membership may be refused on grounds that the conduct of the applicant, at any time before the application, has been such that the reputation of City Hive might be adversely affected by their membership;

Termination of membership

  1. A member shall cease to be a member:
    1. If they have not paid their subscription three months after it has fallen due, and the co-Chief Executives so determines
    2. If they resign in writing to on of the co-Chief Executives
    3. Under Rules 14 to 16
  2. If it appears to the co-Chief Executives that the conduct of a member, whether before or during membership, has been such that the reputation of City Hive might be adversely affected by their continued membership, they may notify the member that they are minded to terminate their membership giving their reasons, inviting the member to make representations within 28 days and notifying the member that they may request that the matter be referred to the Membership Panel.
  3. If the member fails to respond within 28 days, the co-Chief Executives may terminate their membership.
  4. If the member responds, the co-Chief Executives shall consider any representations made and shall either accept them or refer the matter to the Membership Panel for determination.

Membership Panel

  1. A Membership Panel of the Board shall comprise any three directors.
  2. A Membership Panel shall be convened whenever necessary, and shall have delegated authority from the Board, to determine:
    1. Whether an applicant should be admitted to membership under Rules 12 b) or c)
    2. Whether a member’s membership should be terminated under Rule 15.

Representatives of Members

  1. A member may be represented within City Hive by any person connected with them who the co-Chief Executives considers appropriate.

Membership Benefits of Members in Subscription Arrears

  1. Notwithstanding that their membership may not have been terminated under Rule 13a, the co-Chief Executives may withhold any or all of the benefits of membership from a member at any time when their membership subscription has not been paid after the due date.

Provision of information

  1. Members shall provide on request any information reasonably required by City Hive to determine their membership category and subscription rate.
  2. If a member fails to provide information when requested, City Hive may make such assumptions as it considers appropriate in determining a member’s subscription rate.

Subscriptions

  1. Membership subscriptions are set for a calendar year and are due on 1 January of that year.
  2. Members who are admitted after 1 January in a year shall pay a subscription for that year pro-rata to their period of membership. Members who are admitted on or after 31st August in a year shall pay a pro-rata subscription for the remainder of that year and for the whole of the following year at the time of admission.
  3. No refund shall be due to a member if their membership is terminated for any reason during a year.
  4. All subscriptions in these rules are exclusive of VAT, which will be charged in addition where required.
  5. If any events are booked at the discounted member rate, the membership subscription needs to be paid in full prior to the event. This is applicable to new members joining to attend an event and existing members who have been issued a renewal invoice. Failure to do so will result in the non-member rate being charged to attend.
  6. If you fail to pay any amount payable under these Terms, we may charge you interest on the overdue amount or cancel your membership with us. You shall pay the interest immediately on demand, from the due date up to the date of actual payment, after as well as before judgment, at the rate of 4% per annum above the base rate for the time being of HSBC Bank Plc. Such interest shall accrue on a daily basis and be compounded quarterly.
  7. The subscription of ACT Signatory membership and City Hive membership shall be determined by AUM band into which they fall.

Subscriptions for later years

  1. The membership fee amounts may be increased by the Board annually by an amount not less than general price inflation.

Corporate Member Onboarding

  1. Before becoming a Corporate Member, Corporate Members shall be required to complete City Hive’s onboarding process, as updated from time to time. This will include providing City Hive with various information and documents relating to the Corporate Member and its staff.

Variation

  1. We may vary these terms and conditions at any time and without notice. The latest version of these terms and conditions shall be as posted on our Website or as emailed to you. Your continued Membership constitutes your acceptance of any new or updated or amended terms and conditions. You should check our terms and conditions and the documents referred to herein from time to time.