A1 The name of the society shall be Northern Ireland Co-Ownership Housing Association Limited (the Association).
A2 The Association is formed for the benefit of the community. Its charitable objects shall be to carry on for the benefit of the community:
A2.1 to carry on or to assist others in carrying on for the benefit of the community, the business of providing, assisting in and educating on the provision of affordable housing and associated services, to persons in need thereof and on terms appropriate to their needs, to help house people, including poor people or for the relief of aged, disabled (whether physically or mentally) or chronically sick people;
A2.2 any other charitable object which is connected with or incidental to the provision of housing that can be carried out from time to time by a registered society registered as a charitable Housing Association under the Housing (Northern Ireland) Order 1992 and with the Commission.
A3 The Association shall not trade for profit and any profits shall only be applied for the purpose of furthering the Association’s objects and/ or in accordance with these Rules.
A4 Nothing shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to Shareholders of the Association.
A5 Subject to rule A6, a general meeting of the Association may by an ordinary resolution passed at a general meeting out of the surpluses of the Association (if any):
A5.1 set aside to reserve such sum (not exceeding the amount recommended by the Board) as it may direct and which may be applied in or towards carrying out the objects of the Association; or
A5.2 if any amount has been set aside to reserve as aforesaid, allocate out of the remainder of the surpluses (if any) such sum as it may direct to a common fund to be used for such charitable purposes as the Board may from time to time determine.
A6 Any surpluses not applied in accordance with rule A5 shall be carried forward.
A7 The Association is not a subsidiary of another organisation and shall not become a subsidiary of another organisation without first amending these rules to state the name of the parent entity and without first having obtained the consent of the Regulator to such a rule change pursuant to the Housing (Northern Ireland) Order 1992.
A PDF copy of the full Co-Ownership Rules can be found by clicking here.