Chapter 14 » 14.45
Friends Trusts Limited
Friends Trusts Limited is a company which is limited by guarantee and does not have a share capital. It was incorporated in 1923 and is recognised as the trust corporation for the Religious Society of Friends in Great Britain. It is a registered charity, number 237698. The members of the board of management are appointed by Meeting for Sufferings and are not remunerated. The Yearly Meeting Treasurer is a member of the board ex officio. The registered office of Friends Trusts Limited is at 173 Euston Road, London NW1 2BJ.
Where Friends Trusts Limited is the custodian trustee, holding trustee or nominee of the property, it is required to seal the conveyance or lease and will do so on receipt of the properly minuted instructions of the trustees of the area meeting (or other owning body). However, the directors will need to be satisfied that the required procedure has been followed and that all costs arising in connection with the disposal will be met by the beneficial owner. In the case of a meeting house or other property which has been used for the purposes of the Society the proceeds of sale may form a permanent endowment, in which case the capital must be retained for similar purposes in the future. Further information on the detailed requirements is available from Friends Trusts Limited.
If trustees wish to use a separate nominee to hold investments they should consult Friends Trusts Limited for the procedure to be followed.