Objectives herewith setout:
1. The name of the Company (hereinafter called the "Club") is " NANTWICH & BORDER COUNTIES YACHT CLUB LIMITED".
2. The registered office of the Club will be situated in England.
3. The objects for which the Club is established are:
(a) To promote, carry on and encourage the leisure activity of canal boating in all its forms, to obtain, hold, construct, maintain and repair berths for the mooring of boats, to organise and hold regattas, competitions, cruises in company entertainments and social events and join with other Clubs, Associations or bodies therein.
(b) To provide, award or contribute towards the provision of prizes and awards and to print, publish and distribute magazines, periodicals and advertisements, so subscribe to and become a member of or co-operate with any other club or association, whether incorporated or not, whose objects are in any way similar to the objects of the Club, and to support and subscribe to any charitable or public body, institution, society or club which may be of benefit to the Club and its members.
(c) To purchase, take on lease or in exchange, hire or otherwise acquire any real or personal property and any rights of privileges which the Club may think necessary or convenient for the promotion of its objects, and to construct, maintain and alter any buildings or erections necessary or convenient for the work of the Club.
(d) To sell, let, mortgage, dispose of or turn to account all or any of the property or assets of the Club as may be thought expedient with a view to the promotion of its objects.
(e) To undertake and execute any charitable trusts which may lawfully be undertaken by the Club and may be conducive to its objects.
(f) To borrow or raise money for the purposes of the Club on such terms and on such security as may be thought fit.
(g) To invest the moneys of the Club not immediately required for its purposes in or upon such investments, securities or property as may be thought fit, subject nevertheless to such conditions (if any) and such consents (if any) as may for the time being be imposed or required by law and subject also as hereinafter provided.
(h) To establish and support or aid in the establishment and support of any charitable associations or institutions and to subscribe or guarantee money for charitable purposes in any way connected with the purposes of the Club or calculated to further its objects.
(i) To do all such other things as are incidental or conducive to the attainment of the above objects or any of them.
(i) In case the Club shall take or hold any property which may be subject to any trusts, the Club shall only deal with or invest the same in such manner as allowed by law, having regard to such trusts.
(ii) The Club shall not support with its funds any object, or endeavour to impose on or procure to be observed by its member or others any regulation, restriction or condition which if an object of the Club would make it a Trade Union.
(iii) In case the Club shall take or hold any property subject to the jurisdiction of the Charity Commissioners for England and Wales or appropriate Secretary of State, the Club shall not sell, mortgage, charge or lease the same without such authority, approval of consent as may be required by law, and as regards any such property the Council of Management or Governing Body of the Club shall be chargeable for any such property that may come into their hands and shall be answerable and accountable for their own acts, receipts, neglects and defaults, and for the due administration of such property in the same manner and to the same extent as they would as such Council of Management or Governing Body have been if no incorporation had been effected, and the incorporation of the Club shall not diminish or impair any control or authority exercisable by the Chancery Division, the Charity Commissioners or the appropriate Secretary of State over such Council of Management or Governing Body, but they shall as regards any such property be subject jointly and separately to such control or authority as if the Club were not incorporated.
4. The income and property of the Club, whencesoever derived, shall be applied solely towards the promotion of the objects of the Club as set forth in the Memorandum of Association, and no portion thereof shall be paid or transferred directly or indirectly, by way of dividend, bonus or otherwise howsoever by way of profit, to the members of the Club.
Provided that nothing herein shall prevent the payment, in good faith, of reasonable and proper remuneration to any officer or servant of the Club, or to any member of the Club, in return for any services actually rendered to the Club, nor prevent the payment of interest at a rate not exceeding 10 per cent per annum on money lent or reasonable and proper rent for premises demised or let by any member of the Club.
5. The liability of the members is limited.
6. Every member of the Club undertakes to contribute to the assets of the Club, in the event of the same being wound up while he is a member, or within one year after he ceases to be a member, for payment of debts and liabilities of the Club contracted before he ceases to be a member, and of the costs charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £1.
7. If upon the winding up or dissolution of the Club there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the Club, but shall be given or transferred to some other institution or institutions having charitable objects similar to the objects of the Club, and which shall prohibit the distribution of its or their income and property among its or their members to an extent at least as great as is imposed on the Club under or by virtue of Clause 4 hereof, such institution or institutions to be determined by the members of the Club at or before the time of dissolution, and if and so far as effect cannot be given to such provision, then to some charitable organisation.
Dated: 1 December, 2018
Filed and Accepted at Companies House: 10 December, 2018