(k) To do anything which the committee of the Society considers will assist in attaining the Society’s purposes. 2.2 Pecuniary gain is not a purpose of the Society.
3.0 Powers
3.1 The Society, in addition to any other powers it may have in law, has the following powers: (a) To acquire (in any way) or dispose of any land, buildings or other property which the committee of the Society thinks proper. (b) To erect, maintain, alter and replace any buildings on any land it has acquired. (c) To deal with the Society’s property assets and rights in any way, including sale, improvement, maintenance, management, exchange, lease or mortgage. (c) To raise or borrow money by any means and on any security, as the committee of the Society thinks fit (in particular, on mortgage or by charge of the Society’s assets and rights, or by the issue of debentures) and to purchase, redeem or pay off any such securities and reissue them. 3.2 The Society may also: (a) Employ people for the purposes of the Society; (b) Exercise any power a trustee might exercise; (c) Invest in any investment that a trustee might invest in; (d) Borrow money and provide security for that borrowing if authorised by majority vote at any meeting of the Society.
4.0 No personal benefit from use of the Society’s money and other assets
4.1 Any income, benefit or advantage is to be applied to the objectives of the Society. 4.2 No member of the Society or person associated with a member may participate in or materially influence any decision of the Society in respect of any payment of income or provision of benefit or advantage directly or indirectly to that member or associated person. 4.3 Any such income is to be reasonable and relative to that which would be paid in an arm’s length transaction (being open market value).
jasonldodd
