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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3653
Experience:  Solicitors 2 years plus PQE
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I am the Chair of, a closed company limited by shares that

Customer Question

I am the Chair of, a closed company limited by shares that owns a piece of land that it wishes to develop. The shareholders are all residents of a housing development to which the land is adjacent and about 50% of residents are shareholders. The wish of shareholders is that some of the income from the sale of Company land should be taken as a dividend and some a) used to build a utility building benefit of all residents and the wider community and b) provide capital funds projects on the development.
We want to find the best way of doing this and would welcome your advice and if possible the name of a Company lawyer experienced in these matters. Could we, transfer locked assets to the housing development's management company, a company Limited by Guarantee of which all residents are members, without running foul of Company Law re. the rights of Ordinary Shareholders ? Could we form a charitable trust to manage these assets? Do we pay a dividend at all or simply pay shareholders their share of the Company's assets when it is wound up? We don't anticipate the company continuing beyond the development of this particular piece of land. Tricky subjects non-specialist!
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Alex J. :

, Thank you question and welcome. My name is ***** ***** I will assist you. I am a company lawyer.

Alex J. :

To clarify you have a separate limited company (limited by shares) that is preparing to sell a plot of land to a developer?

Alex J. :

Are the directors of this company also directors of the company limited by guarantee?

Alex J. :

Does the company limited by shares have a shareholders agreement?

Alex J. :

How many shares does each shareholder of the company limited by shares have?