Shares valued at £250 each in Burton Village Land Ltd can only be owned by house-owners in the parish. So if a shareholder's house is sold and he/she moves away, the shares are (generally) transferred to the new owner of the house. The land we own can only be sold with the express agreement of the holders of 95% of the shares.
Twenty-two households originally applied for and were allocated shares in 1993. Householders throughout the village took part, not only from the Scotland Lane area. Some took just one share, and the average was four shares per participating household. Thus the £22,000 required to purchase the field was successfully raised, as 92 shares of £250 each, with a little to spare. In 2012 when Banks Field was purchased a further 43 shareholders subscribed (in addition to extra shares being taken by existing shareholders), thus spreading share ownership more widely throughout the village.
There have been a number of transfers of shares between house-owners when they have moved to the village and have become inheritors of the shares from the previous owners of their house, since 1993. Some houses and the shareholdings that go with them have changed hands more than once.
Each new shareholder is required to sign our Shareholders Agreement.
Click on the 'Documents' link to see the Shareholders' Agreement and other company documents in full.
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