BMF calls November EGM
Published: 08 November, 2011
LONDON: The Builders' Merchants Federation is calling an Extraordinary General Meeting of its merchant members at the Lancaster in London on Friday 25 November 2011, starting at 10.45am.
This EGM is being held to seek final approval for a change to be made to the corporate structure of the BMF. The process was put in train at the BMF's Annual General Meeting held in September this year when members gave their unanimous approval to the principle that BMF should change its corporate status from that of an unincorporated body to that of a limited liability organisation – specifically an Industrial and Provident Society (IPSOC).
The key benefits to BMF of registration as an IPSOC are:
Limited liability – which means the personal liability of you as a member will be limited to the amount of your (£1.00) share capital.
Member control – retention of members' equal stake in the organisation and equal say in the management and other affairs of the organisation.
Corporate body status – BMF will be able to act, sue and be sued and can own property, land and other assets in its own name without the need for trustees, Contracts can be made, varied or discharged in the same way as companies registered under the Companies Acts.
Favourable tax position We need to call this Extraordinary General Meeting to seek approval for the new rules that will govern the BMF's new structure. These new rules have been kept as close to the current BMF Objects and Rules as possible.
The proposed changes are those advised by our legal advisers as necessary to administer the new structure and to meet the requirements of the Financial Services Authority (the regulating body for IPSOCs).
One further change is proposed and that is to make it easier for all members to have their say at general meetings by allowing postal or electronic voting. There is a formal Agenda for the meeting.
The EGM will take place before the Builders' Merchants Awards for Excellence, which are being held later that morning at the Lancaster.
If approval is granted by members to the new rules, a formal application will then be made to the FSA for registration to take effect as quickly as possible.
Copies of this EGM Calling Notice will be sent to you by post. These papers and the current BMF Rules are also available from the BMF website.