Members

Every trust has members who have a similar role to shareholders of a company limited by shares. They:

• are the subscribers to the memorandum of association (where they are founding members)
• may amend the articles of association subject to any restrictions created by the funding agreement or charity law
• may, by special resolution, appoint new members or remove existing members other than, where there is one, the foundation/sponsor body and any members it has appointed
• have powers to appoint trustees as set out in the trust’s articles of association and powers under the Companies Act 2006 to remove trustees
• may, by special resolution, issue direction to the trustees to take a specific action
• appoint the trust’s external auditors and receive (but do not sign) the audited annual report and accounts (subject to the Companies Act)
• have power to change the company’s name and, ultimately, wind it up.