If I had an investment club, I'd...

1. Register a corporation with my state's Secretary of State.
2. Have a set investment amount for each person at $10,000 or $15,000. (Each person would own one share)
3. Have one particularly interested person give everyone monthly updates of returns, via Excel spreadsheets and pie charts and give him/her a monthly maintenance fee.
4. Try and have people contribute one stock idea a month. Has to at least be justified with additional materials (ie multiple analyst recommendations)
5. Majority agreement on sells.
6. Make sure everyone knows that this is for the long term. Short-term sells are not amusing (to me at least).
7. Add to my portfolio (for now): Intuitive Surgical (ISRG), St. Jude's Medical (STJ), Valero Energy (VLO), Petrobrasileiro (PBR), Whole Foods Market (WFMI), Cogent (COGT) (a lot of these, one should wait a little while before buying. Specifically, I think both WFMI and ISRG are a hair overvalued right now)