Rules of Merthyr Town FC Society Limited
Registered under the Industrial and Provident Societies Acts 1965–78
COMMUNITY BENEFIT PURPOSE
The business of the Society is to be conducted for the benefit of the community served by the Club and not for the profit of its members.
The Club’s objects are to benefit the community by;
1 enhancing the social, cultural and economic value of the Club to its Communities and by acting as a responsible custodian of the club for future generations;
2 upholding the mutual ownership of the Club operating democratically, fairly and transparently;
3 ensuring the Club operates with financial responsibility enabling the Club to be run for the long term interest of the Community;
4 providing sporting facilities and opportunities regardless of age, income, ethnicity, gender, disability, sexuality, religious or moral belief; and
5 playing at the highest level possible, but always operating in a financially responsible and prudent manner.
The Club may achieve these objects in whole or in part through an interest or interests in companies or societies provided that the objects of the companies or societies are consistent with the Club’s Objects.
In order to achieve its objects the Club may either itself or through a subsidiary company or society acting under its legal control:
1 buy, sell and lease property;
3 grant security over its property and assets;
4 establish promote and maintain for the purposes of the Club any lawful fund raising scheme;
5 promote means to give supporters greater opportunity to invest in the Club;
6 promote means to give supporters greater opportunity to donate to the Club;
7 award pensions, allowances, gratuities and bonuses to past and present employees (including their dependents and people connected with them) of;
7.1 the Club;
7.2 any successor body of the Club; and
7.3 any subsidiary company or society of the Club
8 set up and maintain itself or with others trusts funds or schemes (whether contributory or non-contributory) intended to provide pension or other benefits for the people referred to in the preceding sub-paragraph;
9 indemnify or take out and maintain insurance for the benefit of people who are or were:
9.1 members of the Club Board; or
9.2 officers; or
9.3 employees; or
9.4 trustees of a pension fund of the Club or any subsidiary company or society of the Club against any liability which they may have as a result of their involvement with the Club or its subsidiaries;
10 indemnify or take out and maintain insurance for the benefit of people who are or were elected or nominated by the Club to serve on the board of any company owning or controlling the Club;
11 so far as permitted by these Rules take out and maintain insurance against any risks to which the Club may be exposed;
12 co-operate with other supporters organisations, co-operatives and societies conducted for the benefit of the community at local, national and international levels; and
13 do anything else which is necessary or expedient to achieve its objects.
APPLICATION OF SURPLUS
The profits or surpluses of the Club are not to be distributed either directly or indirectly in any way whatsoever among members of the Club but shall be applied;
1 to maintain prudent reserves;
2 on expenditure to achieve the Club’s objectives; and
3 to pay interest on or repaying issued share capital in accordance with the provisions of these Rules.
The members of the Club are the people whose names are entered in the register of members. The first members are the people who sign these Rules in applying for registration.
Membership is open to any individual, unincorporated body, firm, partnership or corporate body who or which:
1 Is a supporter of the Club; or
2 Has an interest in the game of [name of sport] in the Area and is in sympathy with the objects of the Club; and
3 is 16 years of age or older;
4 agrees to attend General Meetings and to take an active interest in the operation and development of the Club and its business;
5 agrees to respect commercial confidentiality in relation to business decisions of the Club; and
6 agrees to be bound by these Rules and by Rules 3 and 7 in particular. The Club Board shall have power to refuse membership to any person who does not in the opinion of the Club Board meet these requirements.
Every member holds one ordinary share in the capital of the Club. No member may hold more than one ordinary share in the Club either individually or jointly
The Club Board will decide and issue a form of application for membership. Members are to pay an annual subscription of such reasonable sum as the Club Board shall decide, the first payment to be made at the time of application for membership. The sum of £1 from the first payment shall be applied to purchase an ordinary share in the Club.
The Club Board will have the power to offer associate or affiliate status with or without payment or subscription to corporate or unincorporated bodies which support the aims of the Club. The Club may designate a share in the capital of the Club as being held on behalf of any unincorporated organisation but no-one shall be entitled to vote at any general meeting of the Club who is not a registered holder of a fully paid up share of the Club.
The Club Board shall have the right to offer a class of junior membership with or without payment to minors under the age of 16 but no person under the age of 16 shall be entitled to a share in the Club or be entitled to vote at any general meeting of the Club.
No person under the age of 16 may be an officer of the Club.
A corporate body or firm which is a member may by resolution of its governing body appoint any person it thinks fit to be its deputy and revoke such an appointment. A copy of any such resolution signed by two members of the governing body and in the case of a local authority by the authorised officer of the Council shall be sent to the Secretary of the Society. The deputy will be entitled to exercise all rights of membership on behalf of the corporate body including seeking election as an officer and speaking and voting at any general meeting. References in these Rules to a member being present in person include members which are corporate bodies being present through their deputy.
The Club has ordinary shares and may have Capital Funding Shares in accordance with the provisions set out in Rule 22.
The following provisions apply to shares in the Club:
1 shares shall be withdrawable only in accordance with the provisions of these Rules;
2 shares shall not be transferable except on death or bankruptcy or with the consent of the Club Board;
3 application for shares shall be made to the Board of the Club who shall allot to members, upon their admission, the share or shares for which they have applied provided that the total number of shares allotted to any member shall not exceed the maximum shareholding permitted by these Rules or by law; and
4 shares shall be paid for in full on allotment.