North back in members' hands
23/01/2009 10:56 AM
After more than two decades in private hands, the North Melbourne Football Club has been delivered back to its members.
The Australian Securities and Investments Commission (ASIC) has altered the club’s registration declaring it a 'public company limited by guarantee' meaning the club is no longer privately owned.
The passing of the one-month appeal period with no objections to the proposed changes means North Melbourne officially becomes a member based club from Friday.
"It is one thing to hold a vote at a general meeting but it is entirely another matter to actually meet all the legal and regulatory requirements in order for the club to officially change its structure,” club chief executive Eugene Arocca said.
"Today marks a significant date as it becomes the day upon which the members take ownership of the club."
"Today officially marks the end of the shareholder-based company that we once were."