This is how we did it in Wichita and it worked great...
we had the clubs official website
www.wichitareefclub.com (built by me

) I didn't ask for cash. everyonce in a while someone would throw me a frag and I was happy with that.
we had a president but it was more of a "coordinator" type position... this isn't even really needed if there is a forum that has a section devoted to club info.
meetings were held twice a month and people would volunteer to have it at their house... I like this better than meeting at a place of business because we get to see each others tanks and its more inviting. understandably this is not an option for some to hold meetings at their houses and I can see going to a public place at that point.
We always invited reps from all the LFS's and they would bring party gifts where we would draw names to pick a prize until all the prizes were gone. things like chems, inverts, fish food, gift certs.....
no by-laws, no complications. we kept it simple and everyone loved it. no promoting one LFS over another because it was meant to be a friendly forum and we all love our tanks no matter what LFS you work for you were there as a SW person not a sales rep.
maybe the atmosphere here isn't right for this type of club... I'm open to anything.
I'm not saying anything negative about SEASL but I had a bad taste in my mouth for it before I even moved here and started looking for the local club online only to find it looked more like a business than a club. this is why i didnt officially join.
that being said I would like to officially state my interest in helping in getting this going in anyway I can! no matter what direction it is decided it will go. Democracy is a beautiful thing, so is free speech.