Dear Member,
- following from the death of Club Trustee, Séan Murphy, in February 2020, the Austin Stacks Club Executive proposes that the real property (lands and buildings) of the Club be transferred by the surviving Trustees to the G.A.A.’s Corporate Trustee Iontaobhas Corporaideach Chumann Luthchleas Gael Cuideachta Faoi Theorainn Rathaiochta (ICCLG) . It is important to note that the exercise of Trustee’s powers continue to be subject to Directive of the Club. ICCLG will be registered owner of the property solely as Nominee for the Club, and the Club will continue to beneficially own and control its own property.
Advantages of Corporate Trustee:
- Continuous amendments to title avoided when trustees die or retire (saving legal costs).
- Saves times and eliminates unnecessary bureaucracy when signatures of Trustees required.
- Easier dealing with third parties such as Banks, Sports Capital administrators etc.
- Removes all potential risks for individual Trustees, including risk to an individual’s credit rating, individuals’ names being published on judgments and individual Trustees being a party to court proceedings.
In order to proceed the club must hold a Special General Members Meeting the purpose of which is to seek approval to:
A:- to make the following amendments to the Constitution of the Club:-
1:-to alter Clause 10.3 of the Club Constitution so that it will now provide that “the Real Property, including the proceeds of sale thereof until otherwise directed by the Club, shall be vested in Iontaobhas Corporaideach Chumann Luthchleas Gael Cuideachta Faoi Theorainn Rathaiochta (“the Corporate Trustee”) which shall hold same in trust for the Club”
2:- to delete Clauses 10.4 and 10.5 of the Club Constitution
B. To Direct the current surviving Trustees of the Club to undertake all acts and execute all documentation necessary to transfer the existing real property of the Club to the Corporate Trustee”.
Our Special General Meeting (transfer of club deeds is the only Agenda item) will be held via Microsoft Teams on March 10th, 2021 at 7.30p.m. Please text your email address to Club Secretary, Elma Nix, – secretary.austinstacks.kerry@gaa.ie – in order to receive the link to participate. Club Solicitor, Canice Walsh, will be available to answer any questions on the night.
Is mise le Meas,
Elma Nix,
Rúnaí,
Cumann Áibhistín de Staic.
