Mitigating the financial risk stemming from unlimited liability: how to include some clauses from the statutes of Ilot De Spiegel

[alberto]

@RichardB

I wonder what the difference between Mark’s solution and Triodos’ blocked account is.

No difference!

@RichardB

The latter employ this by default as a security package in their co-housing offering, to ensure that amounts deposited are not being misused and the way I understand it is that this is not a choice but we are mandated to use blocked accounts.

Even better. However, heads up: in @ugne’s report of the latest meeting with Triodos, this did not emerge: TRIODOS bank: collecting questions - #14 by ugne

@RichardB

the board are the only members of the SoSim that can access the blocked accounts

Conceptually right. Technically, it is only the bank account’s users that can use the bank account: it could even be a third party (in companies it is often an employee), and it will not be the case that every member of the board has access. According to the minutes from Ugne’s meeting above, we will get 2 bank account users max.

@RichardB

Associates comply

Is it not the case, then, that the bank releases the next tranche of the loan, and it credits directly the SoSim’s account? In this way, associates do not need to do anything at all. This is how I understand it: the construction company sends invoices to the SoSim, which sends them to bank, which releases the funds, which go directly on the account of the SoSim, which pays the invoices. Is it correct?

@RichardB

Lastly, I can also run the statutes past Triodos before incorporation, so we make sure they see no red lines.

Nice!