What's New in V2.0?

Introduction

This page summarises changes made for FairShares Model V2.1.

• Three flexible constitutions for incorporation as worker/user controlled associations, co-operatives and companies.

• Stronger conformance to UK FCA guidelines 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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