A New Way of Doing Things
Community Land Trusts (CLTs) are being set up across the country to help provide affordable homes and services for local people. By forming a partnership with a Housing Association, the CLT can lead the housing project and generate a long-term income whilst being protected from the risks involved. The community then has a financially viable Trust able to take on future projects for the benefit of that community.
To this end the Seavingtons Community Land Trust has been established. The first project of the Seavingtons CLT Ltd is to provide affordable housing for people with a strong local connection to the villages of Seavington St Mary and Seavington St Micheal. Future projects could involve taking on other assets important to the community. The Trust is a democratic organisation – with membership open to anyone supporting its objectives.
The Seavingtons CLT Ltd is a Community Land Trust. The legal definition of a CLT is that 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, the Seavingtons CLT has been registered as a Community Benefit Society (reg no 7377) 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 and elect the board.
NB. 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, the Seavingtons CLT will be able to raise large amounts of money through issuing shares if in the future this is needed. 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.
Please retain this half of the form and return the application form below with your payment to either the Volunteer Pub or the community shop.
Membership Application Form
I _________________________________________(full name) support the objectives of the Seavingtons CLT Ltd Limited and wish to apply to become a shareholder and member. I understand that:
- Persons under 16 may not be members.
- 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 shareholders.
- By acquiring at least one share, I am signing up to the governing documents of the CLT and any Standing Orders in force.
- 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.
I have filled in the information box below and submit this application for ……………. shares with my payment of £…………………, being £1.00 per share (cheques payable to the Seavingtons CLT Ltd).
Signed ________________________________________ Date __________
|Email address (preferred means of communication)|
Please ensure that the CLT’s secretary is informed of any changes to your personal details. Email CLT@theseavingtons.org