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Following the potential breach of Trust rule 102 (and therefore 27), I would like to gauge the interest of Trust Members in supporting an application for a Special General Meeting.
Trust rule 102 states:
“… The Trust may borrow money on such terms as the Trust Board shall authorise save that any borrowing that would require a significant proportion of the Trust's turnover to be apportioned to repaying such borrowing, or that would use the assets of the Trust (and/or any subsidiaries) as security for such borrowing, shall require the approval of the Trust in general meeting.”
The Trust update dated 21st January 2019 from Chairman Trevor Stroud explains:
"...There was a question as to whether the Trust had broken one of its own rules (rule 102) in relation to the loan we have recently taken from Bill and Jim, and the charge against the stadium. The answer to this is no – the loan has been taken out by the club, rather than by the Trust."
The Club (Wycombe Wanderers Football Club Limited) is a wholly owned subsidiary of the Trust (Wycombe Wanderers Trust Limited) as stated here: https://www.wycombewanderers.co.uk/fans/wycombe-wanderers-trust/
I have this evening contacted Trust Secretary David Smith via e-mail asking for a further explanation why this is not a breach of the rule.
It is my understanding that a significant number of Trust members are concerned with this potential rule breach and the subsequent consequences. A Special General Meeting would provide an appropriate opportunity for the issue to be discussed by members.
The process is explained in Trust rule 32, which states:
"The Trust Board upon an application by not less than 20 members or 5% of the membership, whichever is the greater, delivered to the Trust’s registered office, shall convene a general meeting. The purpose of the special general meeting shall be stated in the application and notice of the meeting. No business other than that stated in the notice of the meeting shall be conducted at the meeting."
I understand the current Trust membership is around 1,200 and therefore 5% of membership would be 60. Are there 60 (or more) Trust members who would willing to support my application for a Special General Meeting? Please say Yes or No below.
As explained above, the purpose of the meeting would be stated in the application, which would ideally be made within the next 7-14 days.
Should a breach of rules be established, then a potential vote of no confidence in either the Trust Chairman, or the Trust board as a whole, could be included in the application if those supporting it felt it was appropriate.