The initial aim of the Powerstock & District CLT Ltd is to provide a small development of affordable housing for people with a strong local connection to the community.
It is a Community Land Trust, (CLT). There is a legal definition of a 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.
To ensure the Powerstock & District CLT Ltd achieves this it has been registered as a Community Benefit Society and it needs members to join and help achieve its objects. 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 (such as British Gas) you will not own part of the CLT and will not receive any payment from profits. The 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, Powerstock & District CLT Ltd will be able to raise money through issuing shares. Currently, we just want membership.
We are asking for those who want to support our initial goal of providing affordable housing for local people to invest £1 in shares and join us.
Paper copies of the rules governing the Community Benefit Society are available on request from the registered office of the Powerstock & District CLT. There is a fee of £10.
You can join P&DCLT by filling out this form and returning it to the Secretary (details on on the form).