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Limited Liability Circular
|Celtic's Foundation | About Celtic | Celtic Committee|
- Thursday, 4th March 1897, page 9
THE CELTIC FOOTBALL CLUB.—
A circular containing the provisions of the proposed scheme for converting the club into a Limited Liability Company have just been issued to the members of the Celtic Football Club. The provisions are as follows :—
(1) That a limited liability company be formed to be called "The Celtic Football and Athletic Company (Limited.)"
(2) That the nominal capital of the company be £5000 in 5000 ordinary shares of £1 each.
(3) That each present member of the present Celtic Football and Athletic Club be entitled on applying therefore to one fully paid up share in the company.
(4) That every holder of 10 shares or under in the new company shall be entitled to one vote, and every holder of more than 10 shares to an additional vote for every 10 shares over and above that number.
(5) That each of the present members of the club be entitled to one vote for the fully paid up share to be allotted to him, and that the annual subscription of each members shall not exceed five shillings per annum.
(6) That the company take over the whole debts and liabilities of the club as at the first day of April 1897, in exchange for which the company shall be entitled to the whole assets thereof.
(7) That after paying a 5 per cent. per annum dividend, the directors shall have power to give for such charities as they may elect, such sum or sums as they may think proper.
(8) The qualification for directorship shall by the holding of one share in the company.
(9) That the first directors of the company shall not exceed seven in number.
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