The draft Memorandum currently lists a whole set of powers that the company is to have, several of which we have no current intention of using. These are derived from the Charity Commission model and are so that anything we might want to do in the future will not be blocked by this document.
The main items I wanted to bring to everyone's attention are the powers to:
- borrow money - buy or lease property - employ staff - invest - provide directors' indemnity insurance - pay directors' expenses - pay directors up to Base Rate less 2% on any loans provided to the charity - rent property from Directors
Does anyone object to including these powers in the MoA?
Any decision to do any of the above would require Board approval. If people are happy with the company having these powers, should any of these powers require approval by the members prior to being used for the first time?
If yes, we can implement this by passing a Special Resolution at the first AGM restricting the powers of the directors. (see Article 23#1 in the draft Articles)
If yes, we can implement this by passing a Special Resolution at the first AGM restricting the powers of the directors. (see Article 23#1 in the draft Articles)
For people that aren't familiar with the terminology, a "Special Resolution" is a vote at a general meeting requiring a 2/3 majority (I think it's 2/3, it could be 3/4, whatever it is, it's more than 1/2 which is what's required for an "Ordinary Resolution").
2008/10/3 Thomas Dalton thomas.dalton@gmail.com:
If yes, we can implement this by passing a Special Resolution at the first AGM restricting the powers of the directors. (see Article 23#1 in the draft Articles)
For people that aren't familiar with the terminology, a "Special Resolution" is a vote at a general meeting requiring a 2/3 majority (I think it's 2/3, it could be 3/4, whatever it is, it's more than 1/2 which is what's required for an "Ordinary Resolution").
I looked it up, it's 3/4.
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