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Author Topic: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ  (Read 2444 times)

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Online free debt man

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To all NG Society members:
Your excellent new Journal 6/16 Nov /Dec 2016 is arriving on your doormat from today. Please before reading it take time to look at the Newsletter where you will find on page 6 a form requesting your vote on changing your Society into a Company Limited by Guarantee. Instructions on how to vote will be found there, and some notes on the subject from the Chairman Richard Bardsley are on page 3 of the Newsletter.
Please vote on this important subject affecting the the future of the N Gauge Society.
Any questions should be addressed to me. Contact details are on page 4 of the Journal.
Thanks, and happy reading and modelling.   
« Last Edit: November 24, 2016, 02:21:33 pm by free debt man, Reason: amendment »
Stuart Conlon
General Secretary
N Gauge Society

Online Zwilnik

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016
« Reply #1 on: November 24, 2016, 01:32:03 pm »
Thanks Stuart, I'll be emailing mine in.

One thing to note that had me temporarily confused btw. The voting slip and notes about the change are in the newsletter supplement on page 6, but it (and your post) talk about the address being on page 4, but that's page for of the actual Journal. Had me scanning page 4 of the newsletter for an email address hidden somewhere for a short while :)

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016
« Reply #2 on: November 24, 2016, 01:35:41 pm »
What day does the voting finish as I wont be home for a few weeks just yet so won't get my journal as yet

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016
« Reply #3 on: November 24, 2016, 01:42:15 pm »
What day does the voting finish as I wont be home for a few weeks just yet so won't get my journal as yet


You can email @free debt man as he is the General Secretary.  His email is general-secretary@ngaugesociety.com

Stuart is also going to bring some voting slips to Warley so that you can vote there as well.

Cheers Tim

PS I have voted!
Tim Hitch
NGS Display Stand Manager

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016
« Reply #4 on: November 24, 2016, 01:44:59 pm »
Ahh I can do it at Warley then if I get a free moment!

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016
« Reply #5 on: November 24, 2016, 01:46:43 pm »
Thanks for these.
Apologies about the reference to page 4 on my voting instructions in the newsletter . I checked my original email to the editor & I did say "in the Journal" but somehow the words got lost.
The closing date for voting is Friday 24th February 2017 (as in my note in the newsletter).
The more votes we get the happier I (and the Chairman) will be!  :admiration:
Stuart Conlon
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N Gauge Society

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016
« Reply #6 on: November 24, 2016, 01:54:17 pm »
Votes on the proposal to change the Society into a Company Limited by Guarantee will be accepted at the Society Display Stand up to the closing date of Friday 24 the February 2017.
Don't forget your membership card (otherwise we have to look up your details on the stand computer!)
« Last Edit: November 24, 2016, 01:57:05 pm by free debt man, Reason: amendment »
Stuart Conlon
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N Gauge Society

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #7 on: November 24, 2016, 05:53:09 pm »
Are there any tax implications in the change. I.e. Company tax.
I'm not sure if life is passing me by, or trying to run me over.

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #8 on: November 24, 2016, 09:25:08 pm »
None. We continue to be a non profit organisation putting all surpluses back into the company / association. However we still have to make VAT returns & pay tax on investment income.
Stuart Conlon
General Secretary
N Gauge Society

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #9 on: November 24, 2016, 11:08:02 pm »
What is the advantage of changing to a company?

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #10 on: November 24, 2016, 11:32:42 pm »
Forming a Company Limited by Guarantee is a step carried out by numerous clubs and associations which are non profit making and similar to the N Gauge Society, as well as many Charities, in that surpluses are put back into the association and not distributed. The reasons are to give the advantages and the protection given by limited liability to the officers and members of the Society. This protection is not available to members of an unincorporated association such as the N Gauge Society where all members are individually responsible for all the debts of the association. The suggested guarantee in a limited guarantee company would be 1.00 per member which would be part of the subscription and already paid by existing members. No charge would be paid individually by new or existing members on formation of the company. If (and it should not happen) the limited company becomes insolvent and the creditors of the limited company ask for payment no member will pay to them more than 1.00. If the Society remains as it is that potential liability of each member is unlimited.
Stuart Conlon
General Secretary
N Gauge Society

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #11 on: November 26, 2016, 09:14:59 am »
IMHO a very sensible move.
In my other hobby (radio controlled model aircraft) the BMFA/SMAE made the change many years ago.

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #12 on: November 26, 2016, 12:42:06 pm »
Forming a Company Limited by Guarantee is a step carried out by numerous clubs and associations which are non profit making and similar to the N Gauge Society, as well as many Charities, in that surpluses are put back into the association and not distributed. The reasons are to give the advantages and the protection given by limited liability to the officers and members of the Society. This protection is not available to members of an unincorporated association such as the N Gauge Society where all members are individually responsible for all the debts of the association. The suggested guarantee in a limited guarantee company would be 1.00 per member which would be part of the subscription and already paid by existing members. No charge would be paid individually by new or existing members on formation of the company. If (and it should not happen) the limited company becomes insolvent and the creditors of the limited company ask for payment no member will pay to them more than 1.00. If the Society remains as it is that potential liability of each member is unlimited.

Very helpful. Thank you for the explanation. Would the officers be subject to higher liability than regular members? If so, could that pose a potential difficulty in recruiting officers (already a challenge)? If not, I can't really see a drawback. 
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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #13 on: November 28, 2016, 10:56:22 am »
The Officers would have the same liability as other members. As Directors of the Company they would be covered by insurance (the premium is very small) taken out by the Company covering the (legal) actions taken in running the Company with due diligence.
Stuart Conlon
General Secretary
N Gauge Society

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Re: N Gauge Society Journal 6/16 Nov / Dec 2016 - IMPORTANT PLEASE READ
« Reply #14 on: November 30, 2016, 03:31:00 pm »
The timeline is interesting but did not see a mention of Parkwood, odd that, on forming a company limited by guarantee talk to the EM Gauge society as thay have already done that a long time ago.
Steve.

 

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