Abstract: A binder for removably retaining perforated leaves is disclosed. A relatively flat binder or folder is provided with at least one holder for retaining perforated leaves. The holder includes an actuating member having a first end mounted to one of the covers of the binder for pivotal movement about a cover axis which is parallel to the spine of the binder and spaced therefrom. The second end of the actuating member is mounted to the other cover of the binder for sliding movement along its inner surface. The holder also includes a flexing member which extends through one set of perforations in the leaves in order to retain them in the binder. The flexing member has a first end which is secure to the binder at a point between the cover axis and the second end of the actuating member. The second end of the flexing member is secured near the second end of the actuating member.