Decision details

(LGA 1972 Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

(Report of Director of Central Services)

Consideration was given to a request for variation of the existing rules of Russet Homes Limited (included within the original stock transfer agreement with the former Tonbridge and Malling Housing Association) as part of an intended transfer to Circle Thirty Three Housing Trust Limited.

Following consideration by the Finance, Innovation and Property Advisory Board, the Cabinet Member for Finance, Innovation and Property resolved that:

The Stock Transfer Agreement dated 15 January 1991 be varied by removing the covenant “….not to change the rules of the Association insofar as they relate to its objects and to Board Membership without the Council’s consent, which is not to be unreasonably withheld” which is set out in paragraph 8 of the Schedule to the Sixth Schedule on page 118 of the Agreement.