Post by leo210856 on Sept 27, 2020 7:26:17 GMT
All companies, and DTFC are for all intents and purposes are a company, are required to have a set number of directors in Dorchester’s case that falls between a minimum of 6 and a maximum of 10. It is the norm that directors to resign between general meetings it’s at those meetings where directors are formally appointed by virtue of a members vote
It’s commonplace for individuals or in the case of DTFC members to be cooped onto a board to fill a vacancy but like most clubs / companies I very much doubt that in the current environment there is a queue of people putting their hands up to undertake such a role.
Where DTFC differ to say Weymouth is that you are restricted to the number of directors that can take up a seat on the board without being elected. It’s restricted to 1/3 so say you have 6 directors there can only be 2 co opted.
The real fun and games starts if one of the elected directors then resigns because all company decisions save those around getting the number back up to 6 have to stop till such time as a general meeting is held and an election of directors can take place.
With standard companies that restriction likewise applies but the co opted restriction rarely would be a requirement.
Ironically for all it’s perceived faults the benefactor route does offer an advantage when it come to decision makers because the benefactor who by virtue of their financial contribution to a degree calls the shots be they good or bad whereas in any committee of equals their views and equality often delivers stalemate and so compromise is not the dynamic way forward