Second Special General Meeting

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Second Special General Meeting

Post by OliverH on Sat Apr 25, 2015 8:44 am

A Special General Meeting of the Supporters Society was held on Saturday 18 April in order to consider an extraordinary and special resolution to insert an “asset lock” provision into the Society constitution.

This resolution was passed unanimously, 99 votes for and no votes against. As such, it met the necessary threshold of 75% in favour required to pass an extraordinary resolution.

Almost two-thirds of the Society membership voted in the ballot, either in person or by proxy. As such, it met the necessary threshold of 50% turnout required to pass a special resolution.

The Society Board thanks all members for taking part in this important vote.

According to the Community Benefit Societies (Restrictions on Use of Assets) Regulations 2006, a special resolution must be confirmed at a further special general meeting, to be held between 14 and 28 days after the first meeting.

Therefore a second Special General Meeting of the Bath City Supporters Society will take place at 1pm on Saturday 9 May, in the Moore Stephens Lounge at Twerton Park.

The purpose of the meeting is to vote on whether to confirm the extraordinary and special resolution passed on 18 April 2015.

This time, we do NOT require 50% of the membership to vote. A simple majority of a quorate meeting will suffice. The Society requires 5% of its membership to attend in person – eight members – for a quorum to be reached. No further business will be introduced at this meeting and we expect it to be a brief and straightforward affair.

A proxy vote form is attached for those who require one. Alternatively, you may vote by proxy as before sending the following to bathcitysocietycommittee@gmail.com:

"I, [insert name], appoint the chair as my proxy for the Bath City Supporters Society Special General Meeting on 9 May 2015 and instruct the chair to vote [yes/no] on the special resolution tabled by the Society Board".



SPECIAL RESOLUTION

The Supporters Society confirms its resolution of 18 April 2015 to add the following clause to its constitution:

“Restriction on use

Pursuant to regulations made under section 1 of the Co-operatives and Community Benefit Societies Act 2003:

(1) All of the society’s assets are subject to a restriction on their use.

(2) The society must not use or deal with its assets except—

(a) where the use or dealing is, directly or indirectly, for a purpose that is for the benefit of the community;

(b) to pay a member of the society the value of his withdrawable share capital or interest on such capital;

(c) to make a payment pursuant to section 24 (proceedings on death of nominator), 25 (provision for intestacy) or 26 (payments in respect of mentally incapable persons) of the Industrial and Provident Societies Act 1965;

(d) to make a payment in accordance with the rules of the society to trustees of the property of bankrupt members or, in Scotland, members whose estate has been sequestrated;

(e) where the society is to be dissolved or wound up, to pay its creditors; or

(f) to transfer its assets to one or more of the following—

(i) a prescribed community benefit society whose assets have been made subject to a restriction on use and which will apply that restriction to any assets so transferred;

(ii) a community interest company;

(iii) a registered social landlord which has a restriction on the use of its assets which is equivalent to a restriction on use and which will apply that restriction to any assets so transferred;

(iv) a charity (including a community benefit society that is a charity); or

(v) a body, established in Northern Ireland or a State other than the United Kingdom, that is equivalent to any of those persons.

(3) Any expression used in this rule which is defined for the purposes of regulations made under section 1 of the 2003 Act shall have the meaning given by those regulations.”
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OliverH

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