Decision details
Think Local 4 Business: proposal to incorporate into a company limited by shares and for the Council to become a Founder Shareholder
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
To seek Cabinet approval for the Think Local 4
Business Project to incorporate into a company limited by shares,
for the project assets to transfer from the custody of the Council
to the new company, for the Council to become a Founder Shareholder
and to take a seat on the Board of the new company.
Decisions:
The Report of the Portfolio Holder for Economic Development and Enterprise seeking to obtain approval to proceed with the incorporation of Think Local 4 Business and to transfer the current assets of the project which are currently under the legal ‘guardianship’ of Tamworth Borough Council over to Think Local Limited, the proposed vehicle for the project’s incorporation, and to also obtain approval for Tamworth Borough Council to become a Founder Shareholder in Think Local Limited and to take up the option of a seat on the company’s Board of Directors was considered.
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RESOLVED: |
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That: |
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1 |
The incorporation and asset transfer (including one-off grant funding of £10,000) to the new company as soon as reasonably practicable be approved, and; |
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2 |
The Council to become a Founder Shareholder in the company and to take up a seat on the company’s Board of Directors be approved. |
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(Moved by Councillor M Oates and seconded by Councillor M Greatorex) |
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Report author: James Roberts
Publication date: 22/03/2012
Date of decision: 14/03/2012
Decided at meeting: 14/03/2012 - Cabinet
Accompanying Documents:
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