Regenerating CICs

A fundamental aspect underpinning CICs is the concept of "asset lock". The Act provides that CICs are not ordinarily entitled to distribute their profits to their members. Asset lock prevents CICs from giving away their assets for less than the true market value. The only exception is wher...

Full description

Saved in:
Bibliographic Details
Published inThe Estates Gazette p. 136
Main Author Mackie, Bill
Format Trade Publication Article
LanguageEnglish
Published Sutton Reed Business Information UK 21.06.2008
Subjects
Annual reports
Appeals
Charities
Commercial real estate
Community
Corporate profits
Dividends
Legislation
Memoranda
Provisions
Public housing
Public interest
Public sector
Redevelopment
United Kingdom > UK
Online AccessGet full text

Cover

More Information
Summary:A fundamental aspect underpinning CICs is the concept of "asset lock". The Act provides that CICs are not ordinarily entitled to distribute their profits to their members. Asset lock prevents CICs from giving away their assets for less than the true market value. The only exception is where the assets are transferred to another body subject to similar restrictions, such as a charity, or used to benefit the community that it was set up to serve.
ISSN:0014-1240
2059-5123