Definitions

Introduction

This section of the Articles set out terms used throughout (“Definitions”) and then the Company Objects. Before the Companies Act 2006, the purposes of the company used to be set out in the Memorandum of Association. In other countries the legal system is based on UK Company Law, a spearate Memorandum may still be required. In clause 5 (Company Objects), community and public interest objectives can be added to standard committments to social entrepreneurship, co-operative enterprise, sustainability and commercial trading for social benefit.

Model Rules for England and Wales

The following are defined at the start of the Articles of Association:

Cash Member Beneficiary Qualifying Contribution Quorum Ordinary Resolution Class Resolution Special Resolution Reserves Labour Shares User Shares Investor Shares Founder Shares IPS CIS

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