rea

This is correct and is this way for all trusts however as it is a members organisation if the members don't like what the board do they can easily replace them

Like Foundation of Hearts I would expect there should be a contract between the two parties. In there case Bidco and Fanco If the relationship responsibilities and future is not well understood at the start it is a recipe for issues than can easily be avoided at the start and with some attention to detail now. Potential members and those already joined should have visibility of the deal and the terms if transparency is a priority and as you say spending on upkeep should be a clause...no point in SMiSA buying a majority after 10years for a price agreed now if no money is invested as needed in the interim period. What this will mean however is that the Club will need to run an accounting surplus and not just a cash one.

Indeed that is what happens, it is a question of is the £12 total the membership fee or the £2 remaining, currently it is £12 membership fee. The thing is the Rain Day fund after the £10 years will need to be more than that, it will need to cover any cash flow and investment issues and the key thing is it will need to cover Stadium Maintenance. At the moment the Stadium is being depreciated at a rapid rate which is the biggest reason why the accounts always show a loss, however the club is making little provision for the fact that at some stage rather than just accepting the depreciation charge the Club is actually going to have a big maintenance bill to fund.........perhaps needing new carpets, or lift, or replace the Tanoy or undersoil heating, to Dome has a shelf life. Within the 10000hours proposal once the money was paid back it was noted that we would anticipate continuing the Direct Debits in order to keep the stadium maintained in tip top condition, i personally think the Bid team would be well advised to sell this longer term vision and commitment as i personally believe when the fans have full control much more money than just the purchase price will be needed #BuytheBuds4life !

You may recall an earlier post where the question of the formality of the money split of the £12 was raised. This is still important for all sorts of reasons Is it a £12 membership fee to join SMISA now with the board deciding how the money is spent e.g £10 to bid and £2 for internal funds OR Is it a £2 membership fee with a £10 "donation" to the current bid Currently I understand it to be option 1. But the consequences of that for the long term need to be considered.

But note that if you stop being a member you cease being able to vote regarding the shares that SMISA own and that you may have helped support for the 10 years previously. It is membership that gives you your OMOV rights

Indeed, but the post being responded to was about giving SMISA members rights to the Club property on the basis that SMISA own 26% and growing of the shares. I know there are a lot of ifs and buts in these statements, but my overall point in to do with Company law and Mem and Arts, which someone really should be reading in more detail as there are possibly further issues

Not as straight forward as that in my opinion. I did post before about about what was the legal set up of the bar in relation to its members and the Club. E.g is there a written contract or members rules. The one thing you cannot do however is prejudice shareholders, all share holder owning the same type of shares, no matter how many have to be treated equitably by the Club as any other shareholder

The problem is that you cannot offer the "assets" of the Club to one shareholder on the basis of their shareholding and not offer it to others, the legal term is the "Rights of the Minority"

Well that will be this topic "resurrected" again then....... ....the greatest story ever told..... ...or is that now Leicester winning the EPL? Discuss

To Be fair though 10000hours probably counts for about 41 of those!

posted this elsewhere...a very special night, i have the boots to prove it. In my wildest imagination, not being from Paisley, did i every think i would ride with a football team on an open top bus with escort through a town with a Cup. It happened that day. Cheers ST https://youtu.be/K1K2p_nyUhQ

There would be a number of hurdles to cross before that would be possible

Not sure how many fans are in Dundee but made sure mention was made, unfortunately the web address did not get included https://www.thecourier.co.uk/fp/sport/football/dundee-united/162294/dundee-united-fans-told-can-secure-clubs-future/

If you own shares in the club then you can deal with club directly

I know Gary and he is a good guy deeply involved with all things FO

Just a wee correction to that. Your account (though not bank account) for payment and Direct debit guarantee is with GC and not with SMISA, but this is a good thing, you pay GC and they pay SMISA, but GC guarantee your money. ...again this is a good thing

No, becoming a member of SMISA does not make you a shareholder in the Club or give you the right to attend the AGM of the CLUB. You become a Shareholder (1 share) of SMISA and get to attend their AGM, which as they will own a load of shares and should therefore position their AGM immediately before the CLUB AGM you will be able to influence via the rules of SMISA how the SMISA owned shares will be voted on at the CLUB agm. Their shares will be voted on a block basis. EG. if a vote of SMISA members on a certain issue is a 60;40 split of something that will occur at the Club AGM. then 100% of the SMISA votes will vote for whatever the 60% won the vote on at the SMISA agm, not a 60/40 split...if you follow

Remember your DD are with Gocardless not SMISA. Gocardless contract for 1% to pay the money they collect from you to SMISA. The DD Guarantee is with GC

owning 75% plus one share means that you can pass a special resolution under your own steam at a General Meeting. Special resolutions are important when it comes to such issue of asset transfer or sale and the issue of new share capital to fund a company. on the flip side that is why 25% plus one is important as is stops anyone without consultation passing a special resolution

but dont take me out of context, the fact that the SMFC board can limit does not mean it either should or would

i think you need to remember (i posted about this sometime ago) that the only organisation that can appoint a board member to SMFC is the SMFC shareholders. What Gordon is effectively saying is that is SMISA members have a vote among themselves then the winner of that vote will get the backing of GLS majority shareholding at the AGM and so become a member of the St Mirren board. However the small print needs to be watched. The Club board rotates every three years, in that each member currently needs to stand for re-elction every three years, do SMISA intend that it should be the same person for the first three year or should it be an annual election? Als when you are a member of the SMFC board your first duty is to SMFC not SMISA, it does not matter that it is because of your involvment with and support of SMISA that you got there, the board of SMFC can limit what you are able to say to SMISA if it wishes, so again the small print of the workings of the relationship is vital. I personally spent a lot of time on this at 10000hours and while the outcome may have made it all seem a bit complex the key was it was all written down in advance....such as the fact that under 10000hours the SMFC board would delegate on a OMOV basis any vote within the SPFL for league reconstruction etc, meaning that on the really big decsions the fans were absolutly in control. this all needs thought from SMISA and GLS but mjjost importantly understanding from those financing it so that the expectations are correct and workable. I personally do not think that if SMISA get 1000members that there will be much if any drop off, but that is provided that those funding it have the right expectations at the start. i am sure more structural info will come out as the numbers draw closer to 1000

there are other active bids

Correct on the one hand owning 75% plus one is important on the other owning 25% plus is also important for stopping anyone doing anyting stupid with the major assests of the club which require a special resolution

Dealing with offline folk has always been an issue at 10000hours and following on from that at FoH and RangersFirst, there is no really great solution when you are working with volunteers doing all the admin. The big thing that all the other FO schemes have suffered from is drop off, not because folk fall out with the idea but because of the expiry of CC information, this needs to have a focused admin solution from day 1

Not really compatible as we were in a paperwork system which when converted to electronic zoomed up to 850+ in a couple of days but then took a while longer to get to 1000+ final total I think a judgement on it really depends on how many of the existing 200+ Smisa members have already converted...if all of them then only 200 more folk added if as I suspect many many will not yet have done then 400 is good progress