||Penwith LETSystem (PLS) is a non-profit membership group whose rights and authority are invested in the Admin Group who act on behalf of the members.|
||The PLS provides an information service through which members can exchange goods and services, and maintains a central account of that exchange for the benefit of members.|
||Members agree to the PLS holding their details on computer and distributing to other members those details relevant to the purposes of exchange.|
||Members may give or receive from each other credit in the accepted PLS unit of account - "Pecs". These units are recorded centrally on the PLS.|
||Only the account-holder can authorise the transfer of Pecs from their account to that of another.
||No money is deposited or issued. Members may engage in any transaction entirely in Pecs or on a part cash basis, but only Pecs are recorded on the PLS.
||All accounts start at zero. Members are not obliged to be in receipt of any credit before issuing another member with credit from their account, subject to any limit that may be set by the Admin Group.|
||No member is obliged to accept any particular invitation to exchange, or to engage in any transaction whatsoever with other members. On leaving PLS, however, members with commitments outstanding are obliged to balance their account.|
||Any member is entitled to know the balance and turnover of another member's account. The Admin Group may also decide from time to time to publish the balances and turnovers of all accounts.|
||No interest is charged on balances. The Admin Group is authorised to charge joining and renewal fees in Pecs and/or sterling on a cost of service basis as the situation requires, and to levy service charges on members' accounts at rates assessed in consultation with the membership.|
||The Admin Group may decline to record an account or directory entry considered inappropriate for legal or other reasons.|
||No warranty or undertaking as to the value, condition or quality of services or items exchanged is expressed or implied by virtue of the introduction of members to each other. The PLS publishes a list of the resources and services made available by members but cannot be held responsible for the actual goods and services on offer.|
||Members are individually responsible for their own position with the DSS and personal tax liabilities and returns. The PLS has no obligation or liability to report to the tax authorities or to collect taxes on their behalf.|
||Members have the right and are encouraged to attend any meeting of the Admin Group, and to participate in decision making. Members have a right of appeal to the Admin Group on all management decisions.|
||The Admin Group may act on behalf of the membership in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. The Admin Group in consultation with the members may suspend membership in the case of delinquent accounts and in the the last resort, may remove members from the system. The Admin Group also reserve the right to deny membership to an applicant in exceptional circumstances at their discretion.|
||Members agree to be bound by the conditions of this Agreement.|