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Members & Shareholders knowledge of board meetings.

Members & Shareholders knowledge of board meetings.

Postby Hairyloon » Fri May 05, 2017 11:37 am

A trust is formed with objects for a community benefit.
What rights, if any do members or shareholders have to know about the goings on in board meetings?
And do members have any right to see a list of members?
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Re: Members & Shareholders knowledge of board meetings.

Postby atticus » Fri May 05, 2017 11:39 am

What does the constitution of this body say?

In a company, the shareholders appoint directors to manage the company.
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Re: Members & Shareholders knowledge of board meetings.

Postby Hairyloon » Fri May 05, 2017 11:55 am

atticus wrote:What does the constitution of this body say?

I'm not sure about a constitution, I have a document titled "Rules of < no names>", which says:

DIRECTORS
50 The Society shall have a Board of Directors comprising not less than three and not more than ten Directors.
51 The initial Directors of the Society from registration until the first annual general meeting shall be appointed by the Founder Members.
52 Only persons of the Society who are aged 18 years or more may serve on the Board of Directors.
53 The composition of the Board shall be as follows:
a. Up to 5 Directors elected by and from the Society's members;
b. Up to 1 Director as representative nominated by the company known as <no names> (or any body that succeeds to its function);
c. Up to 1 Director as representative nominated by the <no names> (or any body that succeeds to its function);
d. Up to 1 Director as representative nominated by <no names> (or any body that succeeds to its function);
e. Up to 2 Directors, who must be Members, appointed to the Board by co-option. Co-opted Directors are to be selected by the Board of Directors for the particular skills and/or experience.

Retirement Cycle
54 At the first annual general meeting all elected Directors shall stand down. At every subsequent annual general meeting one-third of the elected Directors, or if their
number is not a multiple of three then the number nearest to one-third, shall retire from office. The Directors to retire shall be the Directors who have been longest in office since their last election. Where Directors have held office for the same amount of time the Directors to retire shall be decided by lot.
A retiring Director shall be eligible for re-election.


I'm not spotting anything in the rules about reporting of board meetings.
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Re: Members & Shareholders knowledge of board meetings.

Postby atticus » Fri May 05, 2017 11:58 am

Are you spotting anything about the conduct of board meetings? You have quoted selected extracts from the rules relating to appointment of directors and their terms of office.

The absence of the provision that you are not spotting may well indicate the absence of an obligawof the kind you seek.
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Re: Members & Shareholders knowledge of board meetings.

Postby Hairyloon » Fri May 05, 2017 12:09 pm

atticus wrote:Are you spotting anything about the conduct of board meetings? You have quoted selected extracts from the rules relating to appointment of directors and their terms of office.

I am, but it does not look interesting enough to trouble you with. I posted about appointments because that seemed to be what you were asking about.

The absence of the provision that you are not spotting may well indicate the absence of an obligawof the kind you seek.

"Obligawof"? Another new word, or is your touchpad lock not working either? ;)
I can find no obligawof in the rules. I infer from your comment that there is none that exists in general.
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Re: Members & Shareholders knowledge of board meetings.

Postby atticus » Fri May 05, 2017 12:27 pm

My phone. Obligations.

You might have done better to have read ny first answer in the context of your question. Did I ask how directors are appointed, retire etc?
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Re: Members & Shareholders knowledge of board meetings.

Postby Hairyloon » Fri May 05, 2017 1:00 pm

atticus wrote:You might have done better to have read ny first answer in the context of your question. Did I ask how directors are appointed, retire etc?

No, but the section looked helpful towards answering subsequent questions.

It seems that the directors can run the company for the best part of a year before they need show any accountability to their members...
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Re: Members & Shareholders knowledge of board meetings.

Postby dls » Fri May 05, 2017 2:36 pm

A trust is formed with objects for a community benefit.


That leaves several vital questions open.
Is it a company governed by company law, or trust governed only by its founding deed?

Is it a charity?

objects for a community benefit
probably means not a lot.
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Re: Members & Shareholders knowledge of board meetings.

Postby atticus » Fri May 05, 2017 2:42 pm

Is this the WI hut business again?
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Re: Members & Shareholders knowledge of board meetings.

Postby Hairyloon » Fri May 05, 2017 4:08 pm

dls wrote:
A trust is formed with objects for a community benefit.


That leaves several vital questions open.
Is it a company governed by company law, or trust governed only by its founding deed?

It is a "Community Benefit Society": <No names>Trust Limited. I think that means it is governed by company law.

Is it a charity?

objects for a community benefit
probably means not a lot.


I believe that makes it eligible for various sources of funding, not accessible for typical companies.

atticus wrote:Is this the WI hut business again?

No.
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