The RCSLT Council and governance
The RCSLT is a company limited by guarantee. This is a category used by not-for-profit organisations that require corporate status. A company limited by guarantee does not have share capital, but has members who are guarantors instead of shareholders.
The guarantors give an undertaking to contribute a nominal amount towards the winding up of the company in the event of a shortfall upon cessation of business.
The RCSLT cannot distribute its profits to its members, and because of this is eligible to apply for charitable status.
As a charity, the RCSLT is subject to the rules of the Charity Commission for England and Wales.
One of these rules stipulates that the RCSLT must have a board of elected trustees (councillors) who are responsible for the RCSLT's legal, financial and managerial affairs.
The RCSLT's Memorandum and Articles of Association are the 'rules' governing the functioning of the College.
They are amended by special resolutions at the RCSLT's annnual general or extraordinary general meetings.
Changes to RCSLT Memorandum and Articles, and Bylaws
At the Council meeting in October 2008, members voted on and approved changes to the RCSLT Memorandum and Articles of Association. Council also approved revised RCSLT Bylaws. This was to clarify the membership and subscriptions criteria and update various other clauses.
Note: Subject to approval at the 2010 RCSLT AGM.