Right to Manage Companies
Under the right to manage established by the Commonhold and Leasehold Reform Act (CLRA) 2002, leaseholders may set up an RTM company, force the landlord to transfer the management of their building to it and follow a very clear set of procedures. The right to manage company can manage the building directly, or pay an experienced managing agent (Contact the Pace block management department here) to do it on their behalf.
You may be living in a property where a residents’ management company was set up when the estate was built with a clear set of rules laid out in the lease. Some people will have had to fight for their Right to Manage their block from their freeholder. Both sets of circumstances will usually have led to the formation of a formal limited company and companies need directors.
Directors are, in most circumstances, unpaid volunteers. Without them your valuable asset and its surroundings could sink into disrepair.
If you are thinking about becoming a Company Director, your first task should be to read a copy of the Memorandum & Articles of Association of the Company (Mem & Arts). The Articles of Association define the rules governing how the Company is to be run, including the directors’ powers and responsibilities. The Articles also set out how decisions are to be taken: for example, the procedures for calling a board meeting and how many directors are needed to vote on a proposal.
Secondarily, you may wish to attend a course on becoming a R2M company director here – The E-Learning modules are completely free, you can simply create an account and enrol for each module as you choose.