Feb 09

[PatMan]

Is an important date for the MyFC members to renew...

 

What happens if the required numbers are not met? Most estimates seem to think that 5,000 is almost the lowest thats expected - what happens to their money? And if MyFC cannot carry on, do they not have to 'give up' ownership to another trust-type organisation?

[MrMushroom]

According to MYFC Rules, if they decide to wind up the MYFC Industrial and Provident Society (IPS), any remaining assets have to be passed on to another organisation with similar aims to MYFC.

 

Bear in mind that MYFC do not own EUFC outright - they have the majority shareholding (about 70% of the shares if I remember rightly).

 

They could dispose of their shareholding in the club (by selling or transferring them) prior to winding up and then pass on any monies remaining to another organisation when they do wind up.

 

 

We need to keep in mind that MYFC is actually two different bodies. There is the operating company (MYFC Ltd) which operates the website, and the IPS (MYFC Society) which owns the shares in EUFC and which is the membership organisation.

 

As far as I remember, there is nothing in the IPS Rules requiring the IPS to cease to operate if the membership falls too low. The key factor which is governed by the size of the membership is the cost of running the website. If the membership falls, the