Club ownership
| # | Post |
|---|---|
| 1 | Just a general thought concerning bowling clubs, golf courses, etc that are “owned” by the club and not a council. What happened to the assets if the property is sold. Does the sale price, money get distributed to the current members. What about past members. pisces47 - 2021-08-26 14:09:00 |
| 2 | pisces47 wrote:
Is the club an incorporated society? What does the societies' constitution/rules say? In any event merely selling an asset does not dissolve the society. Edited by johnston at 2:24 pm, Thu 26 Aug johnston - 2021-08-26 14:21:00 |
| 3 | Depends entirely on the constitution of the club. pico42 - 2021-08-26 14:40:00 |
| 4 | As said initially, just a general question so no other info. So if a bowling club sells it’s only asset, what happens to the money. Is it just left in the bank, for what reason. Must be dispersed somehow .? pisces47 - 2021-08-26 15:19:00 |
| 5 | #4 see #3. sparkychap - 2021-08-26 15:24:00 |
| 6 | sparkychap wrote: . So can you give an example. pisces47 - 2021-08-26 15:40:00 |
| 7 | pisces47 wrote: No, you didn't say "please". sparkychap - 2021-08-26 15:41:00 |
| 8 | You could find that either the parent group, i.e. the National body, or the constitution will or should have it written down somewhere. The only thing is that often say a bowling club will lease the land from the local council, so the only thing for sale is the building and chattels kiwialan - 2021-08-26 15:43:00 |
| 9 | pisces47 wrote:
Depending on its constitution the proceeds would go to either the national body or a similar local club. Not to members. johnston - 2021-08-26 15:58:00 |
| 10 | johnston wrote: I looked up the constitution for the world beating Kaiapoi Riverside Bowling Club.... 30. Liquidation On the liquidation of the Club or on its dissolution by the Registrar of Incorporated Societies, the funds and assets of the Club remaining after payment in satisfaction of its debts and liabilities and the costs and expenses of liquidating shall be distributed by the Club in General Meeting to any amateur sporting body/bodies in the Kaiapoi district provided that the game or sport is conducted for the recreation or benefit or entertainment of the general public in New Zealand and no part of the income or other funds of the body corporate operating such sport is used or available to be used for the pecuniary profit of any proprietor, member or shareholder. sparkychap - 2021-08-26 16:13:00 |
| 11 | The member deleted this message. reefshack - 2021-08-26 16:13:00 |
| 12 | opps sorry I stuffed that up lol reefshack - 2021-08-26 16:15:00 |
| 13 | The member deleted this message. mrcat1 - 2021-08-26 16:42:00 |
| 14 | sparkychap wrote: This is the normal way the assets would be dealt with. ebygum1 - 2021-08-26 16:49:00 |
| 15 | The member deleted this message. johnston - 2021-08-26 16:55:00 |
| 16 | Thankyou. That solves the question. pisces47 - 2021-08-26 16:59:00 |
| 17 | johnston wrote:
I have been a member of at least one club where the remaining cash assets were distributed amongst members. No significant assets like a bowling or golf club though. pico42 - 2021-08-26 18:52:00 |
| 18 | Our sports club bowls club folded a couple of years ago and after much discussion on who would get the money, they consulted there constitution and found out it came back Sports Club parent body. They were never affiliated with the area or national body. joanie04 - 2021-08-26 19:27:00 |
| 19 | pico42 wrote:
An incorporated society? johnston - 2021-08-26 19:30:00 |
| 20 | Depends on whether it is a club or an Incorporated Society. Clubs can have rules in which the members can do just whatever they like. The club might not even have rules. Incorporated Societies have constitutional rules and must have certain rules in relation to who does what and how and also what happens when the society is no longer required/wanted. These rules are kept on record and yearly filings must be made to the IRD and to the NZ Companies office which manage all Incorporated societies . Any assets for a Society could go to a parent body or another group with similar code or public funds (grants) can go back to funding bodies like lotteries. Highly unlikely anything would go back to the members if it is an Incorporated Society. There is legislation passed by government called the Incorporated Societies Act 1908 which states the Registrar can direct the division of assets. Johnston, pico and sparkychap are onto it. strathview - 2021-08-26 22:37:00 |
| 21 | When a Pony Club folded in our area, the constitution said that all jumps, poles, stands and other equipment was to be distributed among other clubs in the area. bernie184 - 2021-08-27 08:38:00 |
| 22 | johnston wrote:
I believe so. pico42 - 2021-08-27 08:45:00 |
| 23 | pisces47 wrote:
Usually a club might amalgamate with another, sell their assets (clubhouse and land) and pool with the surviving club. deboron - 2021-08-27 09:05:00 |
| 24 | pico42 wrote:
If so, I am surprised. Edited by johnston at 9:40 am, Fri 27 Aug johnston - 2021-08-27 09:39:00 |
| 25 | What happens if the Clubs liabilities are greater than the assets ?. Do those who were happy to line up for a hand out have any personal liability to put their hands in their pockets and pay the creditors., many of whom will likely be club members .Probably when it gets towards that point there will be a mass of resignations. I guess liquidation would be the easy out. patriciamay1 - 2021-08-29 16:34:00 |
| 26 | patriciamay1 wrote:
No personal liability unless they are guarantors or breached their fiduciary obligations. johnston - 2021-08-29 16:44:00 |
| 27 | Remember reading about some club in Australia where there were only two members left so they wound it up and sold the property for around $1.7m and distributed the proceeds among the members - i.e. the two remaining members. But it does depend on the club rules - as many have pointed out. logo - 2021-09-05 13:09:00 |
| 28 | The Newmarket Club which I was a member of in the 80s, sold it's building in central Newmarket around the early 2000s. The few remaining members received a handsome payout. It was reported on Holmes or Seven Sharp at the time. mowerman99 - 2021-09-05 14:30:00 |
