Governance
The Society is owned by its members, is registered with the Financial Conduct Authority
and its objectives are set out in the Society’s Rule Book. You can download the Rules and
other important information below.
What is a Community Benefit Society?
A Community Benefit Society is registered with the Financial Conduct Authority and is owned by its Members.
The Society is established for the benefit of the community and not of its members. Each member has only one vote at the AGM, even if they own more than one share.
Shares are not transferrable and can only ever be redeemed at par (in our case £50) i.e. they can never be worth more than what was paid for them.
A Community Benefit Society can only be established for Social or Environmental purposes, has a not-for-profit constitution and includes an asset lock. It has limited liability.
An asset lock is a constitutional device that prevents the distribution of residual assets to members. The purpose of an asset lock is to ensure that the public benefit or community benefit of any retained surplus or residual value cannot be appropriated for the private benefit of members.
