Are we covered?

A Place to idle the day away talking about anything you fancy. Expect to find cycling and non cycling topics inside

Postby Alex P » Tue Feb 27, 2007 11:33 pm

Saw what????

Must have missed it.... :?
User avatar
Alex P
lives on this board 24/7!!!
 
Posts: 530
Joined: Sat Dec 20, 2003 12:29 am
Location: Kingston

Postby Elliot M » Wed Feb 28, 2007 12:23 pm

perhaps this is less of a risk for a cycle club given no significant non-cash assets (premises etc) or long term financial undertaking (rent of pitch etc?)
Elliot M
lives on this board 24/7!!!
 
Posts: 1648
Joined: Mon Dec 02, 2002 10:09 am
Location: On the Merlin Extralight

Postby Gavin » Wed Feb 28, 2007 1:41 pm

There is a market for renting a portaloo at coulsdon south.......
Gavin
lives on this board 24/7!!!
 
Posts: 552
Joined: Mon Sep 22, 2003 2:29 pm
Location: UK

Are we covered?

Postby mrP(Boonen)VT » Wed Apr 04, 2007 12:33 am

That is and always has been the case, and is the reason why CTT and BC are now incorporated companies with guarantee, or something like that, which means that each individual member is liable to the extent of his membership fee, which having been paid upfront for the year is effectively nil.

As was explained to me by a solicitor (any legal types may know better?), any debts incurred by the club in the event of liquidation/wind up, would mean that every member would be equally liable for the debt. (This was as I took to be the situation with the SCCU when I was on their committee and with the huge committment of Good Friday Meeting, I chose to resign.)

However, the finances of the club are regularly discussed at committee level and audited at the end of the club's financial year, which are a matter of (club members/public?) record.

Paul
Guru P
User avatar
mrP(Boonen)VT
lives on this board 24/7!!!
 
Posts: 4430
Joined: Mon Dec 02, 2002 9:10 pm
Location: kitchen chair


Return to General

Who is online

Users browsing this forum: No registered users and 4 guests

cron