Changes To Nature of Trust
On the month of the one year anniversary of academy conversion (May 2012) the directors of the academy annexed the trust’s Articles of Association document making radical amendments to the previous nature of the organisation as a Comprehensive School and a new academy. This resolution greatly increasses the independence and autonomy of the trust and gives the directors greater powers, more in line with those of a conventional business. Some of the main powers include the ability to:
- Form private companies to carry on any trade or business for the purpose of raising funds for the Academy.
- To buy and sell property including existing school buildings and land.
- Offer scholarships to present and former students.
- To raise and borrow money.
- To invest school funds in other companies, private enterprises businesses and other investments.
In addition school property can be held in the name of a nominee private company acting under the control of the directors.
Read more about this topic: Aston Academy
Famous quotes containing the words nature and/or trust:
“My father ... pick’d up an opinion, Sir, as a man in a state of nature picks up an apple.—It becomes his own,—and if he is a man of spirit, he would lose his life rather than give it up.”
—Laurence Sterne (1713–1768)
“Always seek the general and never quite trust it.”
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