From: "Stephen Maudsley" 
Newsgroups: uk.finance
Subject: Re: Social Club Closing - Finance Issues
Date: Fri, 17 Dec 2004 08:18:21 GMT


"michael musgrave"  wrote in message
news:cpsvvu$uj5$1@newsg2.svr.pol.co.uk...
> Hi Group,  my social club is closing and the committee said that the 80k
in
> the funds will be shared out equally between the members, even those
members
> who have just joined will get the same money as those that have being
paying
> their membership fees for 20+ years. They said that this is the law (UK).
Is
> this true? Thanks in advance.

IANAL... probably depends on how the club was formulated legally. Are there
any formal documents that cover this? Were a limited company to do this then
the residual monies in the company would be shared out to shareholders in
the proportion of their shares.