Shareholding

How you can own a share of Worthing Homes

As a tenant or leaseholder of Worthing Homes you can become a shareholding member of the company. By becoming a member you will be able, and  expected to attend Annual General Meetings and Extraordinary General Meetings. At these meetings you will be able to vote on matters such as the financial accounts and any changes to the rules by which Worthing Homes is governed. Tenant and Leaseholders who wish to become members must:

• be interested in the positive future of the company, support the company’s aims and values and wish to become more involved in its governance;
• be aged 18 or over;
• be observing the conditions of their lease;
• not be employed by Worthing Homes, nor have been employed by Worthing Homes in the last 12 months nor be seeking employment with Worthing Homes nor be a close relative of a current or past employee (in the last 12 months);
• not be in default of any legal obligation to the company or have brought legal proceedings to be the subject of legal proceedings involving the company or be in some other way in significant dispute with the company;
• be prepared to purchase the share for £1 (one pound sterling).

Membership is granted at the discretion of the Board of Directors of Worthing Homes. Each leaseholder is able to purchase 1 share only – joint leaseholders can purchase 1 share each.

As we are a not-for-profit organisation there will be no dividends paid to the shareholders. You cannot sell the share to anyone else and if you cease to be a Worthing Homes leaseholder, you will have to sell the share back to us for the £1 you originally paid for it.

If you wish to purchase a share then you will need to fill in an application form (which includes a statement that the applicant supports the company’s aims and will abide by its Memorandum and Articles of Association) and return it to us together with £1 for the share (cash/ postal order/cheque). Applications will be considered at the next quarterly meeting of the Board. If approved a member’s share certificate will be issued to the Member and their details will be entered into the register of members held by the company secretary. If the application is not approved by the Board, the applicant will have their £1 returned together with a letter explaining the reason why.

To obtain an application form and a copy of our memorandum and articles of association you can :

• Download them : Application Form (pdf) and Memorandum and articles of association (pdf);
• Write to Worthing Homes at Davison House, North Street, Worthing, BN11 1ER;
• Phone our offices on 01903 703 100;
• Collect them from our reception at Davison House;