In 2017 we evolved from the original Broads Angling Strategy Group into the Broads Angling Services Group (CIC) Ltd. This decision was taken for two important reasons,
- External funding is more accessible for legally incorporated organisations
- As the group has evolved to delivering services the LTD status offers legal protection for members, officers and participants.
A Community Interest Company (or CIC) is a special form of Limited company that exists purely for the benefit of a community rather than the benefit of shareholders. The articles or rules under which BASG (CIC) Ltd can legally operate can be found below, but in summary….
- A CIC operates like a normal limited company, with a Board of Directors that run the company
- In place of shareholders, we have members, the members can appoint and remove Directors
- Each member has a “vote”
- If the company fails, each member is limited to £1 liability
- All assets are “locked” and cannot benefit any individual,
- There are no Dividends or profits paid to any individuals
- Application for membership is available to all, approval is subject to voting
Please click on the page to download the full document.