General Meeting Results - what this means...
On Sunday 25th April the members of FC United voted on one of the most important issues since FC United formed back in 2005.
An asset lock will give us protection on the future use of our proposed stadium, safeguarding it for the benefit of our members and community.
The Rule
i) Application of Profits and Asset Lock Clause
The new Rule 6 as drafted will:
The first of these is important in allowing us to pay small rates of return on capital shares issued (see below), which will help attract investment for the ground. Any payment of return/interest on shares will be subject to the conditions set out in a share prospectus and will be done on a restricted and democratic basis.
Clause 6b is a statutory Asset Lock that means our assets can only be used for the benefit of members and local communities. The wording is defined by law and the Financial Services Authority.
The Asset Lock is vital in protecting both the future of the club and the investment in the ground and associated facilities we will be asking for. Once we have our own ground - an asset with a value of around £5m - we will be more attractive to speculators and potential purchasers who might want to buy the club in order to sell the asset. By restricting its use it limits that possibility. Furthermore, it ensures that the asset is used for the benefit of the club and its members and for the community purposes that we have set out, which has formed the basis of our agreement with the council.
A full copy of the new rules can be found here.
The Results
To make the asset lock enforceable, we needed 50% of our adult membership to vote and get a 75% majority.
Out of 1953 adult members who were eligible to vote we needed 977 to get the 50%.
A total of 1034 voted with a majority of 99% in favour of the rule changes.
This is a truly fantastic achievement and the board would like to thank all the members who took the time to vote either at the meeting or by post or proxy.
Membership
Membership is an important part of FC United and each member has the opportunity to vote at future meetings and their vote could make the difference on such important issues like the asset lock. Our membership shouldn’t be confused with that at other clubs, because being a member of FC United means you are a co-owner.
Membership runs from the 1st July to the 30th June and runs throughout the season costing £10 for adults. Membership is still open for the 2009/10 season and if you haven’t done so you can still join.
It’s easy to become a member by a variety of methods:
An asset lock will give us protection on the future use of our proposed stadium, safeguarding it for the benefit of our members and community.
The Rule
i) Application of Profits and Asset Lock Clause
The new Rule 6 as drafted will:
- Allow interest to be paid on Capital Funding shares that members hold in the club - at a level to be determined annually by the board and within any prospectus
- Ensure that the club’s assets - most importantly a new ground and sports facilities -can only be used for the benefit of the club’s communities (which include its members and supporters as well as for example, local residents)
The first of these is important in allowing us to pay small rates of return on capital shares issued (see below), which will help attract investment for the ground. Any payment of return/interest on shares will be subject to the conditions set out in a share prospectus and will be done on a restricted and democratic basis.
Clause 6b is a statutory Asset Lock that means our assets can only be used for the benefit of members and local communities. The wording is defined by law and the Financial Services Authority.
The Asset Lock is vital in protecting both the future of the club and the investment in the ground and associated facilities we will be asking for. Once we have our own ground - an asset with a value of around £5m - we will be more attractive to speculators and potential purchasers who might want to buy the club in order to sell the asset. By restricting its use it limits that possibility. Furthermore, it ensures that the asset is used for the benefit of the club and its members and for the community purposes that we have set out, which has formed the basis of our agreement with the council.
A full copy of the new rules can be found here.
The Results
To make the asset lock enforceable, we needed 50% of our adult membership to vote and get a 75% majority.
Out of 1953 adult members who were eligible to vote we needed 977 to get the 50%.
A total of 1034 voted with a majority of 99% in favour of the rule changes.
This is a truly fantastic achievement and the board would like to thank all the members who took the time to vote either at the meeting or by post or proxy.
Membership
Membership is an important part of FC United and each member has the opportunity to vote at future meetings and their vote could make the difference on such important issues like the asset lock. Our membership shouldn’t be confused with that at other clubs, because being a member of FC United means you are a co-owner.
Membership runs from the 1st July to the 30th June and runs throughout the season costing £10 for adults. Membership is still open for the 2009/10 season and if you haven’t done so you can still join.
It’s easy to become a member by a variety of methods:
- Online through the club shop at www.fc-utd.co.uk/shop/index.php
- Post a completed form for each member and send with a cheque payable to FC United to: Membership, FC United of Manchester, Hope Mill, 113 Pollard St., Manchester, M4 7JA.
- Contact the FC United Office by phoning 0161 273 8950 to pay by credit/debit card.
- Email membership@fc-utd.uk with your details.
First Posted ~ 11:44 Wed 28 Apr 2010
News ID ~ 2877
Last Updated ~ 01:52 Tue 16 Feb 2021