Governance
The combination of social business and public subscription means we emerged from the legal process as an IPS BENCOM - Industrial Provident Society for the Benefit of the Community
When the dust settles it is entirely possible that the over-arching mother company will be a Development Trust.
Corporate Status: Incorporated
We have a set of "Registered Rules"
Our Governing Body is called "The Committee" consisting of
eighteen members, with a Quorum of six
(Six each from Community, Town Council & Other) We need more "other"
- All IPSs must issue shares, so anyone may become a member by acquiring the minimum stipulated shareholding (usually one worthless share.)
- Anyone who supports the organisations objectives may apply for membership
- Admission to membership will be at the discretion of the directors
- IPS membership is available to over 16's.
Governing Legislation: Governed primarily by the Industrial and Provident Societies Acts 1965-2002, plus a number of other statutes applying to societies (e.g. the Insolvency Act, the Co-operatives and Community Benefit Societies Act 2003.)
Regulated by FSA.
Profit Distribution is not permitted under these rules.
One member one vote.
Maximum individual shareholding of £20k.
SHARES
Shares valued at £100 per share - redeemable at par, with sufficient notice.
The purpose of this investment is not to make a profit but to protect a community asset.
Shareholders will be issued a shares package & when our position is clear details of how to turn pledge into cash will be given.
The Purpose and work of Community Land Trusts
"Government wishes to see residents identifying their priorities for local action and then working together to produce solutions. This approach can create additional physical fabric (workshops, community centres, housing) and greater social capacity (citizenship, social integration and sustainability). Vitally, it capitalises on the energy and added value that flow from voluntary effort.
How can a community ensure that our views and aspirations get priority?
Community Land Trusts are simply one emerging solution. They offer a vehicle for residents to create and control community assets, with the aim of providing social, cultural, environmental and economic benefits. They connect up principles of civic renewal, sustainability and local investment to produce lasting solutions to local needs. In particular, they help sustain community activity in the long term by creating regular and growing rent streams that can finance further projects in future years.
"CLT's are established to acquire assets and then hold them in perpetuity for local benefit. They work on a non-profit basis, raising money from new sources and unlocking other resources to provide housing, employment and other accommodation." .... Community Finance Solutions, University of Salford.