Community Interest Company (CIC)

[SilverPhoenix]

Hi,

Quick question, if anyone has any experience of the mysterious world of CIC's!?

If a CIC has been set up with an Asset Lock, can the beneficiary of the Asset Lock be changed to another charity?

Many tanks in advance.

SP.

[StevieBee]

The asset that is locked exists for the benefit of the community so it's the community that is the beneficiary and this cannot change.

The 'owner' of the asset or rather the 'custodian' (i.e, the CIC) can change but you have to demonstrate that doing so is not detrimental to the beneficiary.