Welcombe Community Shop Association Ltd

Welcombe Community Shop Association Limited

Summary of Terms and Conditions of Membership
For a full set of rules please contact the Secretary of the Association

1. A member shall hold one £10 share only.

2. The shares shall be neither withdrawable nor transferable, shall carry no right to interest, dividend nor bonus, and shall be forfeited and cancelled on cessation of membership from whatever cause; and the amount paid-up thereon shall become the property of the Association.

3. The liability of a member is limited to any amount remaining unpaid on that member’s single £10 share.

4. The Management Committee may at its discretion admit to membership any person who supports the objects of the Association, who has a contact address in Welcombe, Meddon or Woolley, and who has paid or agreed to pay the appropriate annual subscription as determined by the Annual General Meeting and for the time being in force. (The annual subscription at inception is set at £0 - zero).

5. A person who qualifies under condition 4 above may apply for membership to the Management Committee, and upon acceptance and the payment of £10 and the annual subscription fee the Association shall issue to him one share certificate and shall enter his/her name in the register of members. The Management Committee may refuse any application for membership at its absolute discretion.

6. A member shall cease to be a member
(a) on resignation in writing to the Secretary; or
(b) on failure to pay any subscription due in respect of his membership within three months of its falling due; or
(c) on expulsion from membership by a resolution carried by a majority of no less than two-thirds of those members voting at a General Meeting of the Association; or
(d) on death.

7. No person other than a member duly registered, who shall have paid every subscription and other sum (if any) which shall be due and payable to the Association in respect of his membership, shall be entitled to vote on any question at any General Meeting.

8. An annual meeting will be held within six months of the close of the financial year to receive the accounts and balance sheet and the reports of the Management Committee; to deal with the election of the Management Committee, the fixing of annual subscriptions (if any), the appointment of an auditor (if required) and any other business. A quorum will be five members or 10% of the members, whichever is the greater. Voting will be by show of hands, but a secret ballot may be requested by at least two members at the meeting. At least 12 members or 10% of the members, whichever is less, may require an extraordinary meeting.