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Hi all. Just running through the set-up documents. We have decided to set-up a new CIC CLG and are developing the articles. Is it a requirement to nominate an asset locked body at this stage, or can you look at this at a later date? Will the Regulator reject the application at this stage? Many thanks. Paul

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Comment by Paul Sherry on November 13, 2012 at 15:01

Great, thanks John. Must admit, new to this blog thing. Don't worry, will get up to speed shortly. Paul.

Comment by John Mulkerrin on November 13, 2012 at 14:23

Hi Paul

Just a bit of housekeeping, it is better to post questions in the groups/forums, blogs are for if you want to have a rant or tell everyone about what you're up to.

This group is for you and a better place for this question: http://cicassoc.ning.com/group/settingupacic

Right, simple enough really. You can add one now, and change it or remove it later. You can leave it blank and add one later, or leave it blank permanently.

If for example you left it blank and the CIC was dissolved leaving £10,000 of assets, the Regulator would transfer it to an asset locked body. 

It only takes a resolution at a board meeting and a letter into the Regulator to change.

If in doubt, leave it out

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