The Society is a not for profit housing cooperative registered under the Co-operative and Community Benefit Societies Act 2014. The Member is a member of the Society and has agreed to purchase an Equity Share in the Society. This Lease is granted by the Society which is a cooperative democratically controlled by its members. The rules of the Society:
restrict membership to persons who are Leaseholders of the Society and have purchased an Equity Share in the Society which allows them to live in the Premises; and
prohibit the granting or assignment of Leases to persons who are not members of the Society and who have not purchased an Equity Share.
The Society is therefore a fully mutual housing cooperative and the Lease granted hereby is not an assured tenancy.
The Member is a member of the Society and must remain so throughout the period that he or she is the Member under this Lease and each succeeding Member under this Lease must also be a member of the Society. The members of the Society control the Society and own the shares therein.
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