PLATINUM PLUS
FINANCIAL CORPORATION
Platinum Plus
Financial Corporation is the vehicle that the
Globalink Network has constructed to provide for
our member-to-member financial guarantee
program.
Purpose of Platinum Plus
The
purpose of the Platinum Plus Program is to amass
a pool of funds from which member companies may
be compensated for money lost in the handling of
a transaction for or with another member company
that has become insolvent or has declared
bankruptcy or otherwise disbanded.
Platinum Plus will not pay to settle disputes
between companies who remain in business except
in extreme cases determined by the board of
directors to be appropriate for consideration.
Such disputes must have been brought to the
attention of Bill Siemens for resolution at
least 60 days prior and must clearly indicate
the intractability of one of the parties. If
such a claim is approved for payment, the
claimant must sign over the debt to Platinum
Plus for collection.
Compensation Limitation
The amount of compensation
would be limited to US$20,000 per participating
company from losses
caused by one participating company, up to a
maximum aggregate claim of 80 percent of the
fund balance to be divided proportionately among
the claimants. As the fund builds and a history
of experience is developed, the
$20,000-per-company limit could be raised if the
shareholders decide so at a future International
Meeting. Members could also vote to set a cap
for the fund, after which time original members
would no longer pay. New members would pay for
the number of years equal to that for which the
founding members paid.
Controlling Authority
The
Platinum Plus fund will be overseen by the
Globalink Advisory Committee acting in the
capacity of the initial Platinum Plus Financial
Corp. Board of Directors. The Board of
Directors will also approve or reject claims
against the fund by a simple majority vote, the
results of which will be available to all
parties involved. All member companies must
purchase one irrevocable share of Platinum Plus
Financial Corp. at the price of US$1.00 and sign
a stock purchase agreement which also states
that they will agree to the decisions of the
Board of Directors and hold harmless its
individual members or Platinum Plus Financial
Corp. itself, for the final determination. In
case of claim rejection, the member company will
remain free to pursue any other means of
collection at its disposal, and the decision of
the board of directors should not be construed
as having any legal bearing on the collection
process.
Immediate notification of
the Globalink membership will be given regarding
any participating company against which claims
are paid, and we will use all available means to
recoup the money for the
fund.
Corporate Structure
Platinum Plus Financial Corp. has been set up as
a non-dividend-paying Texas Corporation owned
equally by the participating companies, with the
members of the Globalink Advisory Committee
serving as the Board of Directors and Bill
Siemens as the day-to-day administrator. A
shareholders’ meeting will be held at the
October 2003 International Meeting, at which
time the directors will be elected and retained
for their specific terms by popular vote.
Globalink will make no profit from the
activities of the corporation and contributes
its administrative services at no charge.
Cost and Eligibility Guidelines
The annual per-company
contribution to the fund will be $500.
There will be no refund
in the case of a member departing the Globalink
Network for any reason.
All members of the Globalink Network, in good
standing, will be eligible for full available
coverage once they have paid the annual fee and
have been a member of Globalink for at least
three months.
Fund Payout Restrictions
Checks will be written
against the fund balance by the administrators
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