What membership means
A MANCO member is a person entered in MANCO’s register of members. Membership is a company-law status and is different from simply owning an apartment.
Company membership
MANCO membership
Membership gives a person a formal place in the company that helps govern management of Local Blackfriars.
How membership is acquired
An eligible Unit Holder submits the signed application set out in MANCO’s articles. The articles say MANCO must accept a valid application, and the member is then entered in the register of members. Membership does not transfer when an apartment is sold; the new Unit Holder must submit their own application.
No company shares
MANCO is a company limited by guarantee, not by shares. A Unit Holder who becomes a member receives no shares and does not acquire a financial ownership percentage in MANCO.
Members and directors
Members constitute MANCO and adopt its constitutional rules. Directors manage the company under the authority given by those rules. Members retain the decisions reserved to them and, subject to MANCO’s articles and company law, can appoint or remove directors.
Who can become a director?
Subject to MANCO’s articles and the applicable conditions, an eligible leaseholder-member may be appointed as a director through a vote at a general meeting.
Once validly appointed, directors manage MANCO, make company decisions and oversee appointed agents, subject to the articles, company law and their directors’ duties.
One vote for each Unit
Each registered member has one vote for each Unit represented by the membership. Joint owners together hold one membership for their Unit, with the vote exercised by the joint owner listed first in the register.
Membership must be verified. The register of members records company membership. Each member undertakes to contribute up to £1 if MANCO is wound up in the circumstances set out in its constitution. Detailed procedures for general meetings, voting and proxies will be explained in a separate topic.