What's New in V2.0?
From FairShares Wiki 3.0
This page summarises changes made for FairShares Model V2.1.
- Three flexible constitutions for incorporation as worker/user controlled associations, co-operatives and comapanies.
- Stronger conformance to UK FCA guildlines on Co-operative Law (IPSA 1965);
- The concept of a qualifying contribution
- Terminology change - from 'Free Shares' to 'Member Shares'. This change seemed sensible because the shares are not a gift, and have to be earned. This better reflects the nature and purpose of the shares distributed in proportion to the value-added each year.
- Clause 15 changed in co-operative version to take advantage of regulations permitting share transfers. A FairShares Co-operative now has the same powers as a FairShares Company to create social economy organisations that hold shares for employee, community or public benefit.
- Clause 16 expanded to provide details on borrowing powers to conform with IPSA 1965 Act.
- Clause 24 changed to conform to one-person, one-vote principles weighted by the fraction of power allocated to each shareholder group.
- Reduction to three sets of model rules that provide for variations include user/worker co-operatives, and user-owned / employee-owned social enterprises.
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