Portland Community Land Trust
MEMBERSHIP
Membership
To become a Member of the Portland Community Land Trust, you need to be a resident of Portland (Dorset). You also need to make a minimum investment of £1.00. Any number (up to a maximum set by the law) of additional £1.00 shares may be purchased at any time. No interest or dividend will be due and Members are signing up to the Rules as summarised at the end of this form.
Before completing this form, please read more about the Organisation and Member Rules. Following completion of this form, you’ll automatically receive a share certificate by email. The automatic enrolment certificate is subject to Board ratification and someone will be in touch if there is a problem with your membership.
Organisation Summary
There is a legal definition of a Community Land Trust (CLT).
It must be:
- Owned by the Community
- Run by the Community
- For the benefit of that geographical Community
- Not for personal profit
(Housing and Regeneration Act 2008 Part 2, Chapter 1, Clause 79.)
The objects of our Community Land Trust are:
- Maintain or improve the physical, social and economic infrastructure within the parish of Portland Community Land Trust;
- Advance education (particularly concerning asset based community development and enterprises with a community or environmental focus);
To achieve this, Portland Community Land Trust has been registered as a Community Benefit Society and needs members to join and help achieve great things. Each member will have one, equal, vote at general meetings, be able to put themselves forward as a board member and elect the board.
A Community Benefit Society is joined by members owning shares in it. Unlike a share in a company you will not ‘own’ part of the Community Land Trust and will not receive any payment from profits. The shares, either Membership or Investment Shares, cannot rise in value but may lose value. You cannot sell them.
As a Community Benefit Society, as well as guaranteeing democracy and ensuring its assets are protected, Portland Community Land Trust is able to raise large amounts of money through issuing shares. We are asking for those who want to support our objects to invest a minimum of £1.00 to become a Member. We also hope that you will buy additional Membership and/or Investment Shares up to a maximum set by law.
The Board of Directors is responsible for the Trust’s administration and for decisions relating to all projects undertaken by the Community Land Trust.
Member Rules Summary
- Persons under 16 may not be members.
- By applying to become a Member I support the OBJECTS of the CLT.
- By acquiring at least one share, I am signing up to the governing documents of the CLT, the Rules, Standing Orders and Code of Conduct.
- Members each have one vote at general meetings regardless of how many £1 shares they hold.
- Shares will never be worth more than I pay for them, and could even reduce in value and there will be no dividend payable to subscribers.
- This is not a savings scheme and I may not get any or all of my money back should I ever ask for this in the future.
- If I wish to leave the CLT, I must apply in writing to the Secretary at the Registered Office and that the Board will consider whether my share money can be returned. The CLT cannot guarantee it will have sufficient funds.
- The shares are not backed by any compensation scheme or ombudsman.
- This application will be considered by the elected Board and may not be accepted.
- If you join online, the automatic enrolment certificate is subject to Board ratification.
For further information about the Portland Community Land Trust please see our registration information.
Company Details
Portland Community Land Trust is a Community Benefit Society
Registration No. 31698R
Registered Office: C/O Osprey Leisure Centre, Portland
