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→6. Instructions to the Company regarding management of finances
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===6. Instructions to the Company regarding management of finances===
<span id="6_1"></span>6.1. The Company shall fulfil its responsibilities in a financially prudent manner, balancing the long and short term interests of the Hackspace.
<span id="6_2"></span>6.2. The Company shall aim to maintain a financial reserve large enough to (i) ensure continued existence for a period of up to one year of forced closure without income, and (ii) secure and move into new premises.
<span id="6_3"></span>6.3. The size of the reserve required, and the method used to derive that number, shall be reported to the membership along with a statement of the current level and expectations for the reserve in accordance with the reporting requirements set out in Schedule I of this document.
<span id="6_4"></span>6.4. Surplus income, over and above that required to build and maintain the reserve, should be invested in improving and expanding the facilities available to members.
<span id="6_5"></span>6.5. The Company shall establish clear policies, with associated reporting, for the dispensation of funds for Hackspace purchases.
<span id="6_6"></span>6.6. The Company shall not establish lines of credit with other parties that in total exceed the sum of one month of the Company’s income (calculated as the average monthly income over the preceding six month period).
6.7. The Company shall not loan other parties money without prior consultation with the membership. The Company should provide details of the debtor, the proposed amount, and how the loan would benefit the Hackspace and/or the surrounding community. The Hackspace membership shall be given a period of not less than 14 days to object, Any objections shall be considered by the Directors. The ultimate decision of whether to loan the money shall be by a majority vote of the Directors. Any such loan should be documented in a written agreement between the Company and the debtor.▼
▲<span id="6_7"></span>6.7. The Company shall not loan other parties money without prior consultation with the membership. The Company should provide details of the debtor, the proposed amount, and how the loan would benefit the Hackspace and/or the surrounding community. The Hackspace membership shall be given a period of not less than 14 days to object, Any objections shall be considered by the Directors. The ultimate decision of whether to loan the money shall be by a majority vote of the Directors. Any such loan should be documented in a written agreement between the Company and the debtor.
===7. Election of Directors===
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