Membership Agreement
- The Rockingham LET System is a non-profit agency whose rights and authority are vested in
Trustees who act as an agent for the members who are the principals. Rockingham LETS provides a
service which allows members to exchange information to support trading and maintain such accounts of
that trading in local currency (Rocks).
- Members of Rockingham LETS shall be willing to consider trading in the local currency (Rocks).
There is no obligation on members to trade if they do not wish to.
- The Trustees transfer Rocks from one member's account to that of another on the authority of the
member making the payment (i.e. the user of the service).
- The Trustees may decline to record a transaction considered inappropriate (i.e. illegal trading).
- The value of Rocks is determined by those conducting the transaction but are usually related to
federal dollars.
- A member may at any time know the balance and number of transactions of another member but not any
details of the transactions.
- Tax accountability is the responsibility of the member. Rockingham LETS has no obligation or
liability to report to the tax authorities. If goods and services you provide through LETS are part
of your profession, then earnings are taxable and expenses are tax deductable. Earnings from domestic
services and hobbies are not taxable. Rocks are NOT assessable under the income test for pensions
and benefits.
- No warranty or undertakings as to value, condition or quality of the items and/or skills
exchanged is expressed or implies by virtue of the introduction of members to each other.
- While all information on member's accounts, excepting balance and turnover, is considered
personal and confidential, the Rockingham LETS cannot guarantee confidentiality nor can it be held
liable for breach of it.
- The Trustees may levy charges on member's accounts in Rocks at rates assessed by the organisation
as a "fee for service."
- The Trustees may act on behalf of the LETS community in seeking satisfaction from a member
whose account is seriously in deficit and such a person's membership may be cancelled.
- Members are invited to maintain contact with Rockingham LETS and to participate in LETS events,
meetings and other activities, and in spreading the word about their LET System to others in the
community.
