Policy Statement on Shareholding
Shareholding membership of the Society is open to anyone with a long-term interest in our work. All shareholders agree to be bound by the obligations on them as set out in the Society’s Rules.Shareholders shall act, at all times in the interests of the Society and for the benefit of its residents and the community, as guardians of the Society’s Rules and in line with its aims, objectives and values.
A shareholder of the Society is a person or body whose name and address is entered in the Register of Shareholders.
Only shareholders may become Board Members.
Not more than one third of shareholders may be residents of the Society.
No shareholder shall hold more than one share and each share shall carry only one vote.
Each share has the nominal value of one pound which shall carry no right to interest, dividend or bonus. Shares shall be non-withdrawable.
On ceasing to be a Board Member a shareholder shall remain a shareholder unless they chose to withdraw or their share is withdrawn under any of the conditions of ‘Ending of Shareholding’, as set out in this policy and the Society’s Rules.
Admission of Shareholders
Our process for admitting new shareholders is:
- An applicant for a share shall apply in writing to the Society’s registered office setting out their reasons for applying and how they agree to be bound by the obligations on them as set out in the Society’s Rules and this policy.
- All applicants shall pay the sum of one pound (which shall be returned to them if the application is not approved).
The following cannot be Shareholders:
- a minor;
- a person who has been expelled as a Shareholder, unless authorised by special resolution at a General Meeting;
- an employee of the Society or an employee of any other group Member;
- a person who has been removed by the Board in accordance with Rules;
- a person in respect of whom a registered medical practitioner who is treating that person gives a written opinion to the Society stating that the person has become physically or mentally incapable of exercising their rights as a Shareholder and may remain so for more than three months.
A Shareholder can be the nominee of an unincorporated or corporate body.
A share cannot be held jointly unless by nominees of an unincorporated body.
Every application shall be considered by the Board. The Board has the power in its absolute discretion to accept or reject the application. If the application is approved, the name of the applicant and the other necessary particulars shall be entered in the register of Shareholders.
One share in the Society shall be issued to each approved applicant.
To apply to be a shareholder contact the Company Secretary in writing:
Interim Company Secretary
Hundred Houses Society
51 Scotland Road
or by email: firstname.lastname@example.org
For more details on specific categories permitted or not permitted as shareholders and enquiries on the nature of shares and shareholders, please also contact the Company Secretary.
Ending of Shareholding
In line with the Society’s Rules, a Shareholder shall immediately cease to be a Shareholder if:
- they die; or
- they are expelled (under the Rules); or
- they withdraw from the Society by giving notice to the Secretary, which shall be effective on receipt, unless they are one of the last three remaining Shareholders, in which case they must provide at least one month’s written notice of the withdrawal to the Secretary; or
- they do not attend in person or appoint a proxy in respect of, nor deliver written apologies in advance for two consecutive annual General Meetings of the Society; or
- in the case of a body corporate it ceases to be a body corporate; or
- in the case of the nominee of an unincorporated body, they transfer their share to another nominee of that body; or
- they cease to be eligible to be a Shareholder (under the Rules); or
- they are a resident and in the opinion of the Board are in material or serious breach of their tenancy agreement or lease or are subject to a possession order or are in breach of a suspended possession order, or are subject to any of the following types of court order: anti-social behaviour order, anti-social behaviour injunction, demoted tenancy, or closure order; or
- they are a resident and the Society has obtained an order of a competent court or tribunal against them for recovery of monies due from them to the Society provided that if the order is suspended or is an order for payment in instalments they shall only cease to be a Shareholder upon failing to meet the terms of the order.
When a shareholder ceases to be a shareholder or is expelled from the Society, his or her share shall be cancelled and is non-refundable.