MyFootball Club Society Limited
From FleetWiki
MyFootball Club Society Limited ("Society") is the entity formed to buy and run a football club and that is associated with the website MyFootballClub.co.uk. Members signing up to the MyFootballClub website become members of Society, and their subscriptions are paid to Society's account.
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[edit] Role
Society is an Industrial and Provident Society ("IPS") registered as an IPS with the Financial Services Authority. Following the purchase of a football club Society and Club will remain separate entities. The Rules that govern Society are available on the MyFC website and here on the wiki.
[edit] Members
Members of Society are members of the Society IPS, and each own one share of it. This share is not transferable, and members are only allowed to hold a share as long as they remain a member. If members do not renew their membership, and thus let their membership expire, their share will be cancelled and they will lose all voting rights associated with their share.
Membership of Society begins from the day of subscription. Members have subscribed for 12 months (or multiples thereof), but that period doesn't start running until the day Society takes over a football club. In other words, the period of time during which a club is being searched for, and negotiations are taking place, is 'free' membership. Every subsequent year of membership will be a straight 12 months.
Prior to the takeover all money received from members as subscriptions is kept in an account, and the interest earned goes into the general purchase fund.
[edit] Board
A board is to be elected to help manage the Society.
[edit] Profit and loss
Members' shares cannot be sold, and Society is forbidden by its Rules to make a profit (and therefore cannot pay a dividend to members). Any change to this situation would need to be by way of a change to the Rules, and all members will be given notice of any proposals to make any changes to them.
The only liability that members have to Society is the value of their share, which is paid out of their first year's membership fee. No matter how much debt Society ends up in, there is no way that creditors can pursue members for that debt.
[edit] Member numbers
As off 3th February (11:30pm) there were 27,912 paid up members of the Society.
[edit] Share certificates
Share certificates will appear following the takeover. It will be a downloadable certificate for printing, framing, showing off to visitors, etc.
[edit] Management
The details of voting on club matter will work have not yet been determined, but voting will be an integral part of the website when a club is purchased. Society members will be able to vote on all "material" matters having to do with the club's management, both on and off the pitch. Right now, members are discussing two proposals regarding voting, Arithon and EddieB's voting system and Payo's suggested Supermajority Voting. It is clear, however, that members will be able to vote directly on such matters as the team starting a match and the initial formation used.
[edit] Voting on a takeover
At the end of the current due diligence process to take over Ebbsfleet United, it is planned that a confirmatory ballot will take place. No timescale has yet been determined.
