FACLT invites local people to join us and support our mission.
For a minimum of £1 you can buy a share which makes you a member, you can of course purchase as many shares as you like and any extra contributions are welcome although we operate on a one member one vote basis.You’ll receive a share certificate and will be eligible to vote at the general meetings. You will also be able to apply to stand for one of the places on the board.
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 CLT achieves this, FACLT has been registered as a Community Benefit Society and it 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 when there are vacancies 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, Frome Area CLT 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 or more in shares and join us.
Please fill in the form provided here and take your £1 per share to the Town Hall or post us a cheque (cheques payable to Frome Area CLT Ltd).
Cheques are acceptable, see application form.
Alternatively, you may download a paper form and send it to us.
Please ensure that the CLT’s membership secretary is informed of any changes to your personal details.