After a few hiccups the FSA has approved the model rules for the Society and the path is now clear for the club to call a Special General Meeting of shareholders to give authority for the Well Society Limited to start business. A very few details are available here.
The Society appeared on the register today (25 October 2011) as an industrial and provident society (IPS). Also on the register is the Motherwell Supporters Trust (here). The new enterprise will have many of the same characteristics of MST. Principally it will be a one member one vote organisation.
The Well Society’s actions and conduct will be regulated by the provisions of the Industrial and Provident Societies Acts 1965. It will have to to file annual reports to the FSA and to appoint qualified auditors. Audited accounts have to be presented to the Society’s AGM and to the FSA.
It will be guided by its constitution (also known as model rules) and the club has said that these will be published on the official site following registration.
It is expected that the club will move quickly to start the recruitment process. The formality of MFC shareholders agreeing to transfer powers will allow the Society to sign up the first members. Although there will be various subscriptions levels (attracting different benefits) it is important to remember that this will be a democratic organisation and that members’ votes will determine the policies and direction, subject to the constitution.
The creation of the Society is big step in the history of Motherwell FC and it brings closer the day when we can say that the club belongs to its supporters and the wider community. If there is any truth in the view that football needs to turn its back on rich sugar daddies and return to the grass roots then the Well Society is the way forward for MFC.
Basic membership will cost £300 - start saving now.
Well Society – launch details
Well Society – second open meeting