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of central Government departments and often represented Government departments and other publicly funded bodies in England and Wales.
It received moneys that were obtained ‘bona vacantia’.
[See ‘Bona Vacantia’.]
Group personal pensions are a type of defined contribution pension which some employers offer to their workers.
As with other types of defined contribution scheme, members in a group scheme build up a personal pension pot, which they then take money from when they retire.
[See ‘Defined Contribution Pension’ and ‘Money Contribution’.]
Companies Limited by Guarantee are an alternative form of company entity to the usual one of share capital – a private limited company or a PLC. Its members are ‘guarantors’, rather than shareholders.
A company limited by guarantee is a legal entity in its own right; contracts are undertaken in the name of the company thereby protecting the liability of the individual members, who may only be involved voluntarily. Such contracts include the usual employment contracts, contracts for the purchase of goods as well as for the purchase of property.
Members of a company limited by guarantee are required to comply with the same legal rules and regulations as other limited companies.
A key advantage of such a company over a private limited company (limited) or or PLC is that the personal assets of the members are not vulnerable if the company becomes insolvent. However, such protection is only available if the management committee/trustees/board can demonstrate that it has acted with ‘due care and diligence’.
