Memorandum and Articles of Association

Memorandum cont

5. The liability of the members is limited.
6. Every member of the Society undertakes to contribute such amount as may be required (not exceeding £1) to the Society's assets if it should be wound up while he is a member, or within one year after he ceases to be a member, for payment of the Society's debts and liabilities 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.
7. If upon the winding-up or dissolution of the Society 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 Society, but shall be given or transferred to some other charitable institution or institutions having railway preservation as a principal object and which shall prohibit the distribution of its or their income and property to an extent at least as great as is imposed on the Society under or by virtue of Clause 4 hereof.
Provided always that:
(a) Such institution or institutions as aforesaid shall be determined by a resolution of the Society passed at a general meeting at or before the time of dissolution.
(b) In the event of no such resolution having been passed, or of compliance with the provisions of this clause otherwise not being reasonably possible, such institution or institutions shall be determined by the chairman for the time being of the Association of Independent Railways and Preservation Societies Limited, or failing such determination then by the chairman for the time being of the Transport Trust.
As adopted by Special Resolution 16 August 2003
P Starks
Chairman