HELP FIND MADELEINE' FUND DWINDLES

Huge plunge in Madeleine fund as donors dry up (comments allowed)

http://www.independent.ie/world-news/europe/huge-plunge-in-madeleine-fund-as-donors-dry-up-2984967.html

I just found this on Joanna Morais blog .......thanks xclamation. I daren"t take my finger off the mouse so don"t know how much is relevant. anyway,
I"m off now, catch u later


Special Resolution": Amendments to the Articles of Madeleine's Fund Leaving No
Stone Unturned Limited

11 January 2012 | Posted by

Joana
Morais Leave
a Comment




This
24-pages document was filed on December 21, 2011 at the Companies House. Pages 1 to 11 have a similar text and the
signatures of the current directors [except Edward Smethurst's signature]
approving a “Special Resolution” (sic). From page 12 to
24 follow the amended articles of the “Foundation”
(sic), that is, of Madeleine's Fund Leaving No Stone Unturned Limited. On
January 8, 2012 the private limited company full accounts [up to March 31, 2011
- without Kate McCann's book royalties & book deals] were
made available at the Companies house, the stamp on the first page indicates they were
filed on December 30, 2011. Since yesterday several UK newspapers have been reporting spinning on the Fund “dwindling donations”,
seemingly oblivious of the amendments to the articles of the company and despite
their obvious significance; adjustments which effectively ensure the McCann
couple & associates will now have a quasi “carte-blanche” regarding the use
of the Fund's donations.

Pages 1 to 11
Pursuant to Chapter 2 of Part 13 of
the Companies Act 2006 (the "Act"), the directors of the
Company propose that the following resolution be passed as a special resolution
(the "Resolution").

THAT the amended articles of association attached to
this written Resolution be and are hereby approved and adopted as the articles
of association of the Company in substitution for and to the exclusion of the
existing articles of the Company.

AGREEMENT
Before signing you agreement
to the Resolution, please read the notes at the end of this document.

We, the undersigned, a member entitled at
the time the Resolution was circulated to attend and vote on the Resolution at a
general meeting of the Company, HEREBY IRREVOCABLY AGREE to the Resolution being
passed as a special resolution.

(signatures by order in which they appear in the document)
Signed by Kate McCann on 8/12/2011
Signed
by Michael Linnet on 6/12/2011
Signed by Gerald McCann on
5/12/2011
Signed by Brian Kennedy on 6/12/2011
Signed by Jon Corner on 14/12/2011

Pages 12 to 24
Interpretation
1. In these Articles and the Memorandum the following terms
shall have the following meanings:
1.1 "Act" the Companies Act 1985
including any statutory modification or re-enactment for the time being in
force
1.2 "address" in relation to electronic communications inc1udes
any number or address used for the purpose of such communication
1.3 "Articles"
these Articles of Association of the Foundation
1.4 "clear days" in relation to the
period of a notice, that period excluding the day when the notice is given or
deemed to be given and the day for which it is given or on which it is to take
effect
1.5 "Foundation" Madeleine's
Fund Leaving No Stone Unturned Limited
1.6 "Connected Person" (a) any spouse, parent, child,
brother, sister, grandparent or grandchild of a Director; or (b) any other
person in a relationship with a Director which may reasonably be regarded as
equivalent to such a relationship, or (c) any company or firm of which a
Director is a paid director, partner or employee, or shareholder holding more
than 1% of the capital
1.7 "electronic
communication" has the meaning ascribed to it in the Electronic
Communications Act 2000
1.8 "financial
expert" an individual, company or firm who is authorised to give investment
advice under the Financial Services and Markets Act 2000
1.9 "Memorandum" the Memorandum of Association of the
Foundation
1.10 "Secretary" the
secretary of the Foundation
1.11
"Subsidiary Company" any company in which the Foundation holds more than 50%
of the shares, controls more than 50% of the voting rights attached to the
shares or has the right to appoint a majority of the board of the company
2. In these Articles and the
Memorandum:
2.1 Unless the context
otherwise requires, words or expressions contained in the Articles bear the same
meaning as in the Act but excluding any statutory modification thereof not in
force when the Articles become binding on the Foundation.
2.2 Subject to Article 2.1 any reference in these Articles
or the Memorandum to an enactment includes a reference to that enactment as
re-enacted or amended from time to time and to any subordinate legislation made
under it.

Registered office
2A. The registered office of the Foundation is situated in
England.

Objects
2B. The objects of the Foundation are:
2B.1.1 To secure the safe return to
her family of Madeleine McCann who was abducted in Praia da Luz, Portugal on
Thursday 3rd May 2007; and
2B.1.2
To procure that Madeleine's abduction is thoroughly investigated and that her
abductors, as well as those who played or play any part in assisting them, are
identified and brought to Justice.
2B.2 If the above objects are fulfilled then the objects
of the Foundation shall be to pursue such purposes in similar cases arising in
the United Kingdom, Portugal or elsewhere.

Powers
2C. To further its objects the Foundation may:
2C.1 provide and assist in the
provision of money, materials or other help;
2C.2 organise and assist in the provision of conferences,
courses of instruction, exhibitions, lectures and other educational
activities;
2C.3 publish and
distribute books, pamphlets, reports, leaflets, journals, films, tapes and
instructional matter on any media;
2C.4 promote, encourage, carry out or commission research,
surveys, studies or other work, making the useful results available;
2C.5 provide or procure the provision
of advice;
2C.6 alone or with
other organisations seek to influence public opinion and make representations to
and seek to influence governmental and other bodies and institutions;
2C.7 enter into contracts to provide
services to or on behalf of other bodies;
2C.8 acquire or rent any property of any kind and any
rights or privileges in and over property and construct, maintain, alter and
equip any buildings or facilities;
2C.9 dispose of or deal with all or any of its property
with or without payment and subject to such conditions as the Directors think
fit,
2C.10 borrow or raise and
secure the payment of money for any purpose including for the purposes of
Investment or of raising funds;
2C.11 set aside funds for special purposes or as reserves
against future expenditure,
2C.12
Invest the Foundation's money not immediately required for its objects in or
upon any Investments, securities, or property;
2C.13 delegate the management of Investments to a
financial expert provided that:·
2C.13.1 the investment policy is set down in writing for
the financial expert by the Directors,
2C.13.2 every transaction is reported promptly to the
Directors,
2C.13.3 the performance
of the investments is reviewed regularly by the Directors,
2C.13.4 the Directors are entitled to
cancel the delegation arrangement at any time,
2C.13.5 the Investment policy and the delegation
arrangements are reviewed at least once a year,
2C.13.6 all payments due to the financial expert are on a
scale or at a level which is agreed in advance and are notified promptly to the
Directors on receipt, and
2C.13.7
the financial expert may not do anything outside the powers of the Directors,
2C.14 arrange for investments or
other property of the Foundation to be held in the name of a nominee (being a
corporate body registered or having an established place of business in England
and Wales) under the control of the Directors or of a financial expert acting
under their instructions and pay any reasonable fee required,
2C.15 lend money and give credit to,
take security for such loans or credit and guarantee or give security for the
performance of contracts by any person or company,
[*note: 2C.16 & 2C.17 do not appear in page 14 of the PDF document]
2C.18 accept (or disclaim) gifts of money and any other
property,
2C.19 trade in the
course of carrying out the objects of the Foundation and carry on any other
trade for the purpose of raising funds,
2C.20 incorporate subsidiary companies to carry on any
trade,
2C.21 engage and pay
employees, consultants and professional or other advisers and make reasonable
provisional for the payment of pensions and other retirement benefits to or on
behalf of employees and their spouses and dependants,
2C.22 establish and support or aid in the establishment
and support of any other organisations and subscribe, lend or guarantee money or
property,
2C.23 become a member,
associate or affiliate of or act as director or appoint directors of any other
organisation permanent endowment property held for any of the charitable
purposes,
2C.24 undertake and
execute charitable trusts,
2C.25
amalgamate with or acquire or undertake all or any of the property, liabilities
and engagements of any body having objects wholly or in part similar to those of
the Foundation;
2C.26 co-operate
with charities, voluntary bodies, statutory authorities and other bodies and
exchange information and advice with them;
2C.27 pay out of the funds of the Foundation the costs of
forming and registering the Foundation;
2C.28 insure the property of the Foundation against any
foreseeable risk and take out other insurance policies as are considered
necessary by the Directors to protect the Foundation;
2C.29 provide indemnity insurance to cover the liability
of the Directors which by virtue of any rule of law would otherwise attach to
them 10 respect of any negligence, default, breach of trust or breach of duty of
which they may be guilty in relation to the Foundation. Provided that any such
insurance shall not extend to the provision of any indemnity for a person in
respect of:
2C.29.1 any act or
omission which he or she knew to be a breach of trust or breach of duty or which
was committed by him or her in reckless disregard to whether it was a breach of
trust or breach of duty or not; or
2C.29.2 any liability incurred by him or her in defending
any criminal proceedings in which he or she is convicted of an offence arising
out of any fraud or dishonesty, or wilful or reckless misconduct by him or her,
and
2C.30 do all such other lawful
things as shall further the Foundation's objects.

Limitation on private
benefits
2D.1 The income
and property of the Foundation shall be applied solely towards the promotion of
its objects
2D.2 Except as
provided below no part of the income and property of the Foundation may be paid
or transferred directly or indirectly by way of benefit to the members of the
Foundation. This shall not prevent any payment in good faith by the Foundation
of:
2D.2.1 any payments made to
any member, Director or Connected Person in their capacity as a beneficiary,
2D.2.2 reasonable and proper
remuneration to any person for any goods or services supplied to the Foundation
(including services performed under a contract of employment with the
Foundation),
2D.2.3 interest on
money lent by any member, Director or Connected Person at a reasonable and
proper rate,
2D.2.4 any reasonable
and proper rent for premises let by any member, Director or Connected Person,
2D.2.5 fees, remuneration or other
benefits in money or money's worth to a company of which a member, Director or
Connected Person holds less than 1% of the capital,
2D.2.6 reasonable and proper out-of-pocket expenses of
Directors;
2D.2.7 reasonable and
proper premiums in respect of indemnity insurance effected in accordance with
Article 2C.29;
2D.3 The
restrictions on benefits and remuneration conferred on members of the Foundation
and on the Directors by Article 2D.2 and the exceptions to such restrictions in
Articles 2D.2.1 to 2D.2.7 inclusive shall apply equally to benefits and
remuneration conferred on members of the Foundation and on the Directors by any
Subsidiary Company, and for this purpose references to the Foundation in Article
2D.2.2 shall be treated as references to the Subsidiary Company.

Limited
liability
2D. The
liability of the members is limited.
2E. Every member of the Foundation undertakes to
contribute a sum not exceeding £1 to the assets of the Foundation if it is wound
up during his or her membership or within one year afterwards,
2E.1 for payment of the debts and
liabilities of the Foundation contracted before he or she ceased to be a
member,
2E.2 for the costs,
charges and expenses of winding up,
2E.3 for the adjustment of the rights of the
contributories among themselves.

Winding up
2F. If any property remains after the Foundation has been
wound up or dissolved and the debts and liabilities have been satisfied it may
not be paid to or distributed among the members of the Foundation, but must be
given to some other institution or institutions with similar objects. The
institution or institutions to benefit shall be chosen by the Directors at or
before the time of winding up or dissolution.

Members
3. The Directors from time to time
shall be the only members of the Foundation. A Director shall become a member on
becoming a Director. A member shall cease to be a member if he or she ceases to
be a Director. Membership shall not be transferable and shall cease on death.

Directors


Number
or Directors
4. There shall be
at least three Directors following appointments to be made by the first
Director.

Appointment, retirement, removal and disqualification or
Directors
5. The subscriber to
the Memorandum shall be the first Director
6. Directors shall be appointed by resolution of the first
Director or thereafter the Directors
7. No person may be appointed as a Director,
7.1 unless he or she has attained the
age of 18 years; or
7.2 in
circumstances such that, had he or she already been a Director, he or she would
have been disqualified from acting under the provisions of the Articles
8. The office of a Director shall be
vacated if,
8.1 he or she ceases
to be a Director by virtue of any provision of the Act or he or she becomes
prohibited by law from being a Director,
8.2 he or she becomes bankrupt or makes any arrangement or
composition with his or
her creditors generally,
8.3 the Directors reasonably believe
he or she is suffering from mental disorder and
incapable
of acting and they resolve that he or she be removed from office,
8.4 he or she resigns by notice to
the Foundation (but only if at least three Directors will remain in office when
the notice of resignation is to take effect),
8.5 he or she fails to attend three consecutive meetings
of the Directors and the
Directors resolve that he or she
be removed for this reason;
8.6 at
a meeting of the Directors at which at least half of the Directors are present,
a resolution is passed that he or she be removed from office. Such a resolution
shall not be passed unless the Director has been given at least 14 clear days'
notice that the resolution is to be proposed, specifying the circumstances
alleged to justify removal from office, and has been afforded a reasonable
opportunity of being heard by or of making written representations to the
Directors, or
8.7 he or she ceases
to be a member of the Foundation.

Powers of Directors
9. Subject to the Act, the Memorandum and the Articles,
the business of the Foundation shall be managed by the Directors who may
exercise all the powers of the Foundation. No alteration of the Memorandum or
Articles shall invalidate any prior act of the Directors which would have been
valid if that alteration had not been made.
10. The continuing Directors or a sole continuing Director
may act despite any vacancies in their number but while there are fewer
Directors than required for a quorum the Directors may only act for the purpose
of increasing the number of Directors.
11. All acts done by a person acting as a Director shall,
even if afterwards discovered that there was a defect in his or her appointment
or that he or she was disqualified from holding office or had vacated office, be
as valid as if such. person had been duly appointed and was qualified and had
continued to be a Director
12.
Subject to the Articles the Directors may regulate their proceedings as they
think fit.

Chair
13.
The Directors may appoint one of their number to be the chair of the Directors
and may at any time remove him or her from that office.

Delegation or Directors' powers
14. The Directors may by power of
attorney or otherwise appoint any person to be the agent of the Foundation for
such purposes and on such conditions as they determine.
15. The Directors may delegate any of their powers or
functions to any committee or the implementation of any of their resolutions and
day to day management of the affairs of the Foundation to any person or
committee in accordance with the conditions set out in these Articles.


(continues/w.i.p)

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Related P

It's amazing how the millions managed to dwindle so rapidly with all those options on the table.

I am obviously being thick here, but I cannot see in what year the libel payments are shown. All the following figures are rounded down.

Income to March 2008 - £1,846,000
Income 08/09 - £629,000
Income 09/10 - £233,000
Income 10/11 - £177,000

The three principle amounts received through settlements (£550,000 + £375,000 + £125,000) which should appear within the income for year 08/09 as they were received after March, are not there, are they?

curious george wrote:I am obviously being thick here, but I cannot see in what year the libel payments are shown. All the following figures are rounded down.

Income to March 2008 - £1,846,000
Income 08/09 - £629,000
Income 09/10 - £233,000
Income 10/11 - £177,000

The three principle amounts received through settlements (£550,000 + £375,000 + £125,000) which should appear within the income for year 08/09 as they were received after March, are not there, are they?

The Express settlement (£550k) was in March 2008.

Panda wrote:I just found this on Joanna Morais blog .......thanks xclamation. I daren"t take my finger off the mouse so don"t know how much is relevant. anyway,
I"m off now, catch u later


Special Resolution": Amendments to the Articles of Madeleine's Fund Leaving No
Stone Unturned Limited

Does anyone recall a link to the original Mem & Arts. It would be interesting to see what they have changed.


ETA No need - found it.

Annabel wrote:Huge plunge in Madeleine fund as donors dry up (comments allowed)

http://www.independent.ie/world-news/europe/huge-plunge-in-madeleine-fund-as-donors-dry-up-2984967.html

30 minutes ago I tried to post a comment simply saying that the McCanns fund is a limited company and sharing no more account information than any other UK company. Also that the figures don't include the revenue (or even advances) from Kate's book. As nothing in my comment was "defamatory, abusive or tasteless" it should be posted but what hope would anyone give for it being put up on their website. Bob Hope or No Hope?

Chris wrote:

curious george wrote:I am obviously being thick here, but I cannot see in what year the libel payments are shown. All the following figures are rounded down.

Income to March 2008 - £1,846,000
Income 08/09 - £629,000
Income 09/10 - £233,000
Income 10/11 - £177,000

The three principle amounts received through settlements (£550,000 + £375,000 + £125,000) which should appear within the income for year 08/09 as they were received after March, are not there, are they?

The Express settlement (£550k) was in March 2008.

Thanks Chris. That makes sense.

So the actual donation part of each year's income is as follows:

07/08 £1,846,000 - £550,000 = £1,296,000
08/09 £629,000 - (£375,000+£125,000) = £129,000
09/10 £233,000
10/11 £177,000

Not forgetting the Tapas 7's payout of £375,000 in October 2008.

"The papers agreed to pay all legal costs while the 375,000 pounds will go to the fund set up to try and find Madeleine."

http://uk.reuters.com/article/2008/10/16/uk-britain-mccann-toronto-online-idUKTRE49F49420081016

gillyspot wrote:

Annabel wrote:Huge plunge in Madeleine fund as donors dry up (comments allowed)

http://www.independent.ie/world-news/europe/huge-plunge-in-madeleine-fund-as-donors-dry-up-2984967.html

30 minutes ago I tried to post a comment simply saying that the McCanns fund is a limited company and sharing no more account information than any other UK company. Also that the figures don't include the revenue (or even advances) from Kate's book. As nothing in my comment was "defamatory, abusive or tasteless" it should be posted but what hope would anyone give for it being put up on their website. Bob Hope or No Hope?

Perhaps I was wrong. My post hasn't been share yet but one has and it is most interesting.


Akfiori
"That's an awful lot of money gone . On what though, that's the question. How much does Edgar the private detective charge? Has the fund diminished because of the search or due to Carter Ruck suing everyone who questions the McCann version of events?. The good doctors are currently in litigation against two authors. One of whom was the lead detective in charge of the case. Make of that what you will. "

Edit

It has been shared as has another post. None are looking to "donate" anytime soon.

gillyspot wrote:It has been shared as has another post. None are looking to "donate" anytime soon.

Well done! Some very good points being made!

(apologies, I see you had posted the first comment up already)

pennylane wrote:

gillyspot wrote:It has been shared as has another post. None are looking to "donate" anytime soon.

Well done! Some very good points being made!

Hi Pennylane, I can access the article but not the comments for some reason. I hope that posters are pointing out much money in, much money out, and not much left and what has actually been spent on searching.
And what do they mean by the word searching?

Bobsy wrote:

pennylane wrote:

gillyspot wrote:It has been shared as has another post. None are looking to "donate" anytime soon.

Well done! Some very good points being made!

Hi Pennylane, I can access the article but not the comments for some reason. I hope that posters are pointing out much money in, much money out, and not much left and what has actually been spent on searching.
And what do they mean by the word searching?

Scroll down the page, and see if the comments suddenly pop up as they do for me.

There are just three there at present.

Mom of Two:
The fund is a limited company and shares no expenditure information any more than any other limited company so it is hardly surprising the donations have gone down. Also the revenue from Kate's book is not taken into account in these figures so the actual cash in hand at the bank will be higher than stated.


Laura
Of course the 'Fund' is not in trouble. The estimated £2million made from the book has not been included.

Akfiori
That's an awful lot of money gone . On what though, that's the question. How much does Edgar the private detective charge? Has the fund diminished because of the search or due to Carter Ruck suing everyone who questions the McCann version of events?. The good doctors are currently in litigation against two authors. One of whom was the lead detective in charge of the case. Make of that what you will.



Try posting a comment, Bobsy.

pennylane wrote:

Bobsy wrote:

pennylane wrote:

gillyspot wrote:It has been shared as has another post. None are looking to "donate" anytime soon.

Well done! Some very good points being made!

Hi Pennylane, I can access the article but not the comments for some reason. I hope that posters are pointing out much money in, much money out, and not much left and what has actually been spent on searching.
And what do they mean by the word searching?

Scroll down the page, and see if the comments suddenly pop up as they do for me.

There are just three there at present.

Mom of Two:
The fund is a limited company and shares no expenditure information any more than any other limited company so it is hardly surprising the donations have gone down. Also the revenue from Kate's book is not taken into account in these figures so the actual cash in hand at the bank will be higher than stated.


Laura
Of course the 'Fund' is not in trouble. The estimated £2million made from the book has not been included.

Akfiori
That's an awful lot of money gone . On what though, that's the question. How much does Edgar the private detective charge? Has the fund diminished because of the search or due to Carter Ruck suing everyone who questions the McCann version of events?. The good doctors are currently in litigation against two authors. One of whom was the lead detective in charge of the case. Make of that what you will.



Try posting a comment, Bobsy.

Thankyou Pennylane. No nothing pops up for me Sorry.
Am pleased to hear there are comments though on similar lines to what I say re there having been a lot of money and nothing leading to finding what happened to Madeleine. But then there wouldn't be because the "searching" doesn't include exploring anything but abduction. And there was no abduction, so wasting money.

Oh dear bobsy

6 comments now.

To plagerise a well known line in a famous "fish" film " I think we are gonna need a bigger begging bowl".

Panda wrote:

Powers
2C. To further its objects the Foundation may:
2C.1 provide and assist in the
provision of money, materials or other help; What money, what 'help'?


2C.5 provide or procure the provision
of advice; (From CR if needs be)

2C.8 acquire or rent any property of any kind and any
rights or privileges in and over property and construct, maintain, alter and
equip any buildings or facilities;
2C.9 dispose of or deal with all or any of its property
with or without payment and subject to such conditions as the Directors think
fit, (So they can buy a property and sell it on WITHOUT taking PAYMENT back for the fund who initally bought it? I'd call that money laundering)

2C.11 set aside funds for special purposes or as reserves
against future expenditure, (for future Legal Fees?!)

2C.21 engage and pay
employees, consultants and professional or other advisers and make reasonable
provisional for the payment of pensions and other retirement benefits to or on
behalf of employees and their spouses and dependants, (They can set up and pay into a pension fund for any directors? Nice little earner! Wonder if there are any pensions set up and how much is in them)

Limitation on private
benefits
2D.1 The income
and property of the Foundation shall be applied solely towards the promotion of
its objects
2D.2 Except as
provided below no part of the income and property of the Foundation may be paid
or transferred directly or indirectly by way of benefit to the members of the
Foundation. This shall not prevent any payment in good faith by the Foundation
of:
2D.2.1 any payments made to
any member, Director or Connected Person in their capacity as a beneficiary,
2D.2.2 reasonable and proper
remuneration to any person for any goods or services supplied to the Foundation
(including services performed under a contract of employment with the
Foundation), (Payments to anyone who the directors see fit then!)


Winding up
2F. If any property remains after the Foundation has been
wound up or dissolved and the debts and liabilities have been satisfied it may
not be paid to or distributed among the members of the Foundation, but must be
given to some other institution or institutions with similar objects. The
institution or institutions to benefit shall be chosen by the Directors at or
before the time of winding up or dissolution. (So they can get a 'friend' to start something up and donate the money to them)

My thoughts in red. This fund should be looked at very closely imo.

"Limitation on private
benefits
2D.1 The income
and property of the Foundation shall be applied solely towards the promotion of
its objects
2D.2 Except as
provided below no part of the income and property of the Foundation may be paid
or transferred directly or indirectly by way of benefit to the members of the
Foundation. This shall not prevent any payment in good faith by the Foundation
of:
2D.2.1 any payments made to
any member, Director or Connected Person in their capacity as a beneficiary,"

Ergo, although in a long winded and legal way the McCanns can still benefit financially from the fund.

It's a nice little earner gillyspot judging by the wording.

Payments can be made to the directors as they see fit. So a director can take out a lump sum of any amount, as long as taxed is paid on it it's legit.

Pensions can be set up for the directors and any amount paid into it.

The directors can decide to buy a propery and do it up as they see fit and then dispense of said property without payment.

They can set aside fund money to be used in any future expenditure - does this include legal fees if Brian Kennedy cuts them loose?

And even if the foundation is wound up they can decide who benefits from any money left. They can get one of their bezzies to set one up and 'donate' the money to them.

It was a very bad move to let Kate or Gerry McCann become directors of this fund. They can use the foundation money as they see fit now.

As l said, nice little earner. If the mortgage hasn't been paid off before, it will be now.

I wonder what happened to 2C.16 & 2C.17

I guess since they would have appeared in the middle of a page in the original document it may just be down to shoddy proof-reading.

2008.....march.........550,000. Express
September..125,000. NOTW
October.......375,000. Tapas

2009......September...??????? The evening standard


The march 550,000 may off Gone onto the 2007 audit If they do it like the tax year ending 31st march.


So the 550,000 may off gone onto 2007/2008

But the 125,000 + 375,000 = 500,000....2008/9


But off course it all depends when they got the payout and when it went int the bank.



That's still 1m in less than a year.

There is an amusing circular argument in the Articles:

Members
3. The Directors from time to time
shall be the only members of the Foundation. A Director shall become a member on
becoming a Director. A member shall cease to be a member if he or she ceases to
be a Director. Membership shall not be transferable and shall cease on death.


Directors
8. The office of a Director shall be
vacated if,

8.7 he or she ceases
to be a member of the Foundation.

So you can only be a member if you are a director and directors are automatically members but if a director ceases to be a member (but there is no provision for members not to be members unless they cease to be a director or die) he ceases to be a director. Maybe they foresee a deceased director trying to hang on to office.

margaret wrote:It's a nice little earner gillyspot judging by the wording.

Payments can be made to the directors as they see fit. So a director can take out a lump sum of any amount, as long as taxed is paid on it it's legit.

Pensions can be set up for the directors and any amount paid into it.

The directors can decide to buy a propery and do it up as they see fit and then dispense of said property without payment.

They can set aside fund money to be used in any future expenditure - does this include legal fees if Brian Kennedy cuts them loose?

And even if the foundation is wound up they can decide who benefits from any money left. They can get one of their bezzies to set one up and 'donate' the money to them.

It was a very bad move to let Kate or Gerry McCann become directors of this fund. They can use the foundation money as they see fit now.

As l said, nice little earner. If the mortgage hasn't been paid off before, it will be now.

They made their move in stages didn't they? One stage at a time, those directors who could have controlled what goes on either left or were ousted. I remember their 'fury' around the time of their flight back to the UK when the then fund directors refused to allow the money to be used for legal defense purposes and Mitchell was forced to admit that the fund had paid their mortgage. That's when Branson 'stepped in' with his defense fund. Shortly afterwards the Conservative blond lady from the Wirral resigned. From the defensive, they then moved on to be offensive in every meaning of the word. Obviously we're all jealous of their 'financial success', but then, who wants it if the cost is a child's life?