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Asset Lock 24 Feb 2013 10:26 #7

Towaho Topic Author Offline Junior Member Posts: 20 Thank you received: 6	Just read this which is usefull background! www.hm-treasury.gov.uk/d/uksiem_20060264_en.pdf The following user(s) said Thank You: TC
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Asset Lock 25 Feb 2013 08:58 #8

TC
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Premium Member
Posts: 89
Thank you received: 50

Thanks Towaho,
That explains the reason for the asset lock.
just to be clear the legal regulations you posted are for a Community Benefit Society.
There are two types of Industrial and Provident Society (IPS):
A bona fide co-operative (which is what we are)
and a Community Benefit Society.
They both have slightly different rules.
The asset lock in the community benefit society is statutory and can’t be changed– in the co-operative the asset lock is a rule that the co-op members could vote on if they wanted to change it.
Tom

Tom Chapman, Co-op Founder Member, Board Member
www.thebellinnbath.co.uk
www.bellcommunity.org.uk

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Asset Lock 07 Mar 2013 14:25 #9

Towaho Topic Author Offline Junior Member Posts: 20 Thank you received: 6	Invested now!!
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Asset Lock 09 Mar 2013 09:38 #10

patrickcave Offline Junior Member Posts: 25 Thank you received: 7	delighted to hear it Patrick
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