1.2 It exists for the benefit of the community and its primary objective is the provision of housing and related services for those in housing need. The Irish community in Britain is the main client group.

1.3 As a registered, charitable, housing association, it must comply with the requirements of the Housing Corporation and the Registry of Friendly Societies.

1.4 As an Industrial & Provident Society, Innisfree is “owned” by its shareholders whose key power is to elect the Board which is the effective governing body.

1.5 Innisfree has adopted the latest National Housing Federation’s Model Rules 1998 (the Rules) and this policy should be considered in the context of those Rules.

2. Obligations of shareholders

All shareholders must agree to the obligations set out in the Rules and, when acting as shareholders, must act at all times in the interests of Innisfree Housing Association and, for the benefit of the community, as guardians of the objects of the association. Rule C14.4 requires shareholders to participate in general meetings of the association or to send apologies.

3. Admission of new shareholders

3.1 Innisfree welcomes applications for shareholding membership from residents, partners and those living and working in the communities it serves who have an interest in and commitment to the association’s work and to the needs of the Irish community in London.

Shareholding membership provides:

A pool of interested and committed individuals and organisations from which new board members may be drawn.
A link with the areas and communities which the association serves.
One of several ways in which the association accounts for its activities and performance.

3.2 Innisfree does not set a limit on the number of shareholders but expects this to be no greater than 50. An annual review of the list of shareholders will be carried to identify those who have not attended successive AGMs without giving apologies in order to remove them from membership.

3.2 A shareholder can be an individual person or an organisation. No-one may hold more than 1 share. You cannot be a shareholder if you are

a minor
an employee of the association
someone who has been expelled and not reinstated.

3.3 Not more than one third of the shareholders may be tenants of Innisfree.

3.4 All applications for shareholding membership will be considered by the board which has the discretion to accept or reject applications. The applicant shall

apply in writing
give reasons for applying
state their qualifications
pay £1 (refundable if the application is unsuccessful)

3.5 If approved, the new shareholder will be sent one share and a copy of the Rules. If for any reason an application is rejected the Chair will write setting out the reasons for the board’s decision

4. Issuing a share

The share has a nominal value of £1. If a shareholder dies, decides to give up the share or the association expels the shareholder, then the association cancels the share and keeps the £1.

5. Ending of shareholding

Shareholding membership can be ended in accordance with Rule C14. A shareholding member may only be expelled by a special general meeting called by the Board.

6. Policy review

This policy is publicly available. It may be reviewed at any time by the board.

Approved by the Board of Management 16/11/04
Due for review in November 2007

Shareholders

List of Shareholders

INNISFREE HOUSING ASSOCIATION Shareholding Membership Policy

1. Introduction

2. Obligations of shareholders

3. Admission of new shareholders

4. Issuing a share

5. Ending of shareholding

6. Policy review

INNISFREE HOUSING ASSOCIATION
Shareholding Membership Policy