Outside bodies - Open Market Community Interest Company

Community Interest Company (CIC) incorporated to take ownership through a community asset transfer of the Brighton Open Market following redevelopment of the market site on London Road. The CIC is a private company limited by guarantee where director's individual liability is restricted to £1.00. the Articles of Association provides for the Council to have 19% of the member voting rights and director representation on the CIC board, which avoids issues of influenced companies. One director is currently required to be appointed to the CIC board to represent the council's company membership. If the number of directors reaches 10 then the council has the right to appoint a second director.