Reader's Letter: Failed CIC board £10k should go to benefit Pin Mill Hard
In reference to the articles published in Peninsula Nub News this letter has been sent in expressing the views of the correspondent.
Dear editor
As in life, so in death!
The company spent it's entire life amassing money, arguably unlawfully, none of which was ever spent on the Pin Mill Community.
The company now plans to continue this theme in death by transferring all it's remaining money, £10,000, to another CIC; one with which it's Directors appear to be connected.
No doubt this new CIC has very laudable aims, which have been approved by the CIC Regulator, but supporting the Pin Mill Community does not appear to be one of them.
I suggest that the PMBMCIC should be reminded of it's obligations contained in it's own 'Articles of Association', with particular reference to Article 4.1 and Articles 5, 5.1, 5.2, 5.3, 5.4, 5.5, and 5.6.
In addition to it's own Articles of Association the PMBMCIC should also be reminded of it's Declaration on the CIC form 'CIC 36; "Beneficiaries are "the marine and other communities of Pin Mill and Chelmondiston and their immediate neighbourhood". "If the company makes any surplus it will be used for furthering the objects of the company ( see Article 5 above; 'Objects' ), in particular the development of new facilities at The Hard, Pin Mill".
The PMBMCIC evidently plans to use the provision 3.2 (a) in it's Articles of Association in order to transfer it's assets to another CIC. This action will require the consent of the CIC Regulator. This consent may not be forthcoming if the Regulator is inundated with objections from the Pin Mill Community; a community which has yet to see any evidence of the company's compliance with it's own Articles of Association, particularly Articles 4 and 5.
The whole point of the existence of the PMBMCIC was to acquire money which would then be spent on benefits to the local community. The company has acquired a substantial amount of money but has not spent any of it on any benefits to the local community.
The least the PMBMCIC could do, in it's death throes, would be to spend this £10,000 on something of real benefit to the local community before it's official death certificate is issued.
All suggestions gratefully received; the useful ones can be passed on to the CIC Regulator.
Concerned Resident
Pin Mill
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