While gathering for first meeting of the group, it is necessary that agenda and goals of the club are clearly defined to each member, discussed and agreed upon. It might be that each member might have a totally different idea in the beginning and all those ideas are to be discussed and agreed upon by the entire group to start thinking forward.
Make sure that each member of the club has a longer commitment to the club. Generally all members should agree to at least three- to five-year commitment, and try to leave out those who are there for a quick financial fix. A long commitment is essential to make the entire investment plan work.
Elect Leadership, Decide Operational Code
It is a better idea to decide who is going to lead the club at the first meeting, and also set an informal operational code. Further, frequency of the meetings and discussions can also be outlined.
Determine Contributions Rules
As it sounds, the investment club will require contributions from each member of the group. It can be monthly contributions, but there can be another mode if some members are not comfortable in the monthly method. Also, determine bylaws about missing payments, penalties or fines due to absence in voting on a matter.
In Canada, clubs are treated as legal partnerships for taxation purposes. You might be able to do all the legal documentation on your own but it is always recommended to consult a lawyer on the matter. This can avoid any complication in the process of establishment of the club.
Make Strategic Use of Bank
You can open account with any bank in Canada but try to prefer those that have brokerage services as well. Opening an account with that bank can help you to benefit from its services in the investment in the stock market.
Development of Club
You can continue the process of education of your club members and their development on the investment strategies. Since the basic idea is to make most of your money by investing strategically in lower risk and high paid stocks, an education of each club member can help understand the entire idea better.