UK Athletics is formed as a company limited by guarantee. This means that instead of having shares or shareholders, it has Members (currently the members of the Council) who undertake to pay £1 each in the event of the company being wound up without sufficient funds.
It does not distribute any surplus it makes; it is kept as reserves for future use. The Memorandum and Articles are the documents which set out:
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what the company will do and its powers,
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the rules for the running and regulation of the company’s affairs,
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the compositions and relationship between the Council and the Board, and
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other legal requirements.
