Shareholding Membership
Most housing associations are Industrial and Provident (I&P) Societies and are registered with the Registry of Friendly Societies.
The Financial Services Agency (FSA) describes an I&P Society as
"…an organisation conducting an industry, business or trade, either as a co-operative or for the benefit of the community, and is registered under the Industrial and Provident Societies Act 1965.
The FSA is the registering authority for societies which register under the Industrial and Provident Societies Act 1965 (I&P Act 1965). This registration function is separate from our role as regulator of the financial services industry in the UK..."
The governing instruments of an I&P Society are called ‘Rules’ and provide for shareholding members.
The Associations in the Magna Housing Group of companies are, Magna Housing Group Limited, Magna Housing Association Limited and Magna West Somerset Housing Association Limited, and are no different to this and have Rules which allow shareholders to:
• appoint auditors;
• adopt financial statements;
• amend the Rules; and
• approve or reject mergers.
A shareholder is entitled to attend Annual General Meetings (AGM) of the Association of which they own a share.
Shareholders are members of the Association who agree to be bound by the obligations on them as set out in the Associations’ Rules. A shareholder must act at all times in the interests of the Association for whom they are a member and, for the benefit of the community, as guardians of the rules of the Association.
It is not a requirement that you must be a tenant to hold a share in one of the Associations.
Each board has the power in their absolute discretion to accept or reject an application.
Where an application is approved, on payment of £1 (one Pound), one share in the Association will be issued to the applicant. The share has no monetary value, is non-returnable and no dividend is paid, but legally, a shareholder’s liability is limited to £1, this being the face value of the share.
An approved shareholder will receive a copy of the Association’s Rules, ‘Opendoor’, the Association’s tenants’ magazine issued quarterly (if they are not a tenant), and annually, a copy of Magna’s Annual Report and Masterplan, that contains Magna’s Purpose, Strategic Objectives and Behaviours.
If you are not a board member, but would like to be considered to serve on a committee of the board, you will need to apply for shareholding membership of the Association for which you wish to become a committee member. Please see ‘Committee Membership’.
Magna welcomes applications from people who are interested in becoming shareholding members, or from existing shareholding members who wish to be considered to serve on a committee of the Association of which they hold a share.
Please complete an application form or for further information please contact:
Christine Curran, Governance Officer, Magna Housing Group Limited, Hollands House, Poundbury Road, Dorchester, Dorset DT1 1SW
Telephone: 01305 216111 or by email.
To download a copy of our application form please click here »
|