The Corporate Trustee
The Corporate Trustee is now an option for Clubs, when considering appointment of Trustees of Clubs. The Corporate Trustee is a separate legal entity, a Trust Company, called "Iontaobhas Corparáideach Chumann Lúthchleas Gael cuideachta faoi Theorainn Ráthaíochta" (ICCLG), set up by the GAA. The Trust Company holds the property for and on behalf of the Club.
Clubs can now opt to hold property through the Corporate Trustee. Holding property through the Corporate Trustee does not affect the ownership in any way but can have advantages in the way of continuous amendments to the title is avoided when trustees die or retire. This will save on Legal costs to the Club. This also takes the pressure off individual Trustees and avoids the publishing of names should court proceedings take place.
The Corporate Trustee is optional.
There are three options available to clubs:
*Option 1- Clubs may elect to do nothing and to continue to hold Club property through personal Trustees. *
*Option 2- Clubs may elect to introduce a partial change in that case property is held by a combination of personal trustees and the Corporate Trustee. *
Option 3- Clubs may elect to have property held only through the Corporate Trustee.
Advantages of the Current System (Local Trustees)
• Local Ownership of local assets
• Local control of local assets
Disadvantages of the Current System (Local Trustees)
• Additional complexity in dealing with Financial Institutes
• Trustees refusing to co-operate
Trustees bound to act in accordance with directive issued by Club
• Death of Trustees
Surviving trustees continue to hold the property
• Incapacity of Trustees
• Retirement of Trustees
Deed required to change title
Separate deeds for each property
Advantages of the Corporate Trustee
• Continuous amendments to title avoided when trustees die or retire
• Avoids individual’s names being published on Judgments and Court Proceedings
Adopting the Corporate Trustee
1. The club must call an AGM to discuss the option of electing the Corporate Trustee.
2. There must be a signed minute from the club stating the club are electing the Corporate Trustee.
3. Old trustees must sign a Deed of Transfer, they are signing over the property to the new trustees or the Corporate Trustee.
4. If an old trustee has died, a copy of their death cert will be required for the transfer
5. A new Declaration of Trust must be drawn up ratifying the Corporate Trustee/ Local Trustees are holding the land.
6. The Declaration of Trust and Deed of Transfer must be executed at the same time.
The Corporate Trustee only act ‘For and Behalf’ of the Club. They cannot act without instruction from the club.
For more information on The Corporate Trustee and templates to complete the transfer please contact firstname.lastname@example.org