Investment clubs are not static organizations. For a variety of reasons – death, apathy, house move, whatever - the membership changes and unless it is to wither away the club must attract new blood. It is best to put in place a system for recruiting new members so that a haphazard and random decision does not upset the smooth running of the club.
Pick people who will add an extra dimension to the club – additional experience, specialist knowledge, or even a different generation.
Each potential new recruit should have a sponsor who knows them.
The novitiate should attend at least three ordinary club meetings and be encouraged to express opinions (but not, of course, to vote).
The club chairman and the sponsor should have a private meeting with the newcomer to make sure he or she understands the investment approach of the club and is completely happy with the subscription rate.
A club meeting where the potential member is not present should discuss the application and the decision to admit should be unanimous.