Below is the legal advice we have received concerning the draft Share Prospectus for Social Enterprise Durham:
"I have reviewed the draft prospectus and confirm that this does not flag up any issues of concern.
Obviously, the principle as to whether the company is limited by guarantee or share will need to be discussed, but this is not dependent upon the applicable legislation.
One issue which may require discussion is the directors remuneration point identified in the prospectus - as you are aware, any distribution of CIC assets to a member is subject to restrictions and this would apply equally to any director who is also a member acting in their capacity as a director.
However, this is unlikely to be a problem in practice given the proposed membership structure/criteria."
Posted by Cameron
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