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| housing
or residents' association |
This
is a typical example of an objects statement for a housing or residents'
association **
- a.
To manage, repair, maintain and insure against all risks the property
known as ……situated at …… in the county of …… (the property) for the
benefit of the leaseholders of ……. In carrying out the above to be
mindful of the interests of the freeholder and occupiers other than
the leaseholders but where the interests of the parties may be in
conflict the interests of the leaseholders will always take precedence.
- b.
To employ contractors, subcontractors and professional advisors as
necessary to assist with or carry out the company’s objectives.
- c.Where
the leases of the leaseholders show that any repair, renewal or maintenance
of whatsoever nature is the responsibility of the freeholder to pursue
the freeholder to ensure that the obligations contained in the leases
are complied with promptly and at the cost of the freeholder.
- d.
To secure monthly contributions from the leaseholders sufficient to
cover all the costs envisaged in these objects. Each separate apartment
will submit the same total monthly contribution. Where a leaseholder
has sublet an apartment or part of thereof the leaseholder may arrange
for the occupant to make contribution but the leaseholder retains
the primary responsibility for making the contribution or making good
any shortfall.
- The
company will not aim to make a profit from its operations but will
endeavour to set aside such reasonable sums, as the members consider
necessary to make contingencies.
The management company may annually review and revise contributions
made by the leaseholders.
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e. To undertake any activity
with the object of maintaining or improving the property and its environment
for the benefit of the leaseholders including taking legal advice
and making representations to local authorities or other bodies whose
interests may or may not conflict with those if the leaseholders.
Each of the above objects has equal status
and no object shall take precedence over the others.
**
IMPORTANT NOTE
Be sure of your intentions... A 'guarantee'
company cannot make profits, nor can Trustees earn from the venture. If
you intention is to own the property, rather than just service it, you
may need to form a "company limited by shares"
Don't forget to include a Clause 9 statement. Here is an example.
All earnings over current expenditure will be designated for
the continued maintenance of the property. |
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