Tor Bryan (Residence) Ltd
Tor Bryan ( Residence ) Ltd is a private company whose members have limited liability and whose prime objective as stated in the Company’s Memorandum of association is:
To conduct the management and maintenance of property situate at and to be known as ‘’Tor Bryan’’, Ingatestone, Essex and for that purpose to enter into such contracts and obligations as may be necessary for the maintenance and management and improvement of the said property and for supplying services to the Owners thereof.
The full Memorandum and Articles of Association of the Company, as subsequently amended, can be viewed by clicking here.
The extent of the Company’s remit is limited to the communal areas of the Estate, namely the estate roads, footpaths, verges and other grassed and planted areas within the Company’s ownership ( see ownership plan under Estate Plans ). The Company is also responsible for the upkeep of the lighting to the roads and paths and has a liability pro rata with other affected residents for those surface water ( i.e. rainwater ) drains which also receive run-off from the roads. Until 1st October 2011 all foul drainage within the Estate was private and the entire responsibility for maintenance and repair rested with owners of properties served by any length of drain. That situation has now changed with any combined private foul drains and those outside individual curtilages having been adopted by the water and sewerage authority, Anglian Water ( see further information under the heading Estate Drains in the section Tor Bryan Estate: Guidance Notes )
The Company files Annual Accounts at Companies House.
Ownership of the Company is vested in residents of the Estate. Each house owner is a shareholder of the Company. The Company capital is £720 divided into 72no. shares of £10 each; the shares are not tradeable. On the sale of any property every house owner is under covenant to sell his/her share to the purchaser. No change of ownership is permissible without the share being re-registered in the name(s) of the new owner(s). Owners who are not on the share register may not vote at Company meetings. These arrangements ensure that shares are only held by house owners for the time being who cumulatively retain control of the Company.
The Company has a lien on any share when the owner does not pay the annual levy and, accordingly, the Directors can refuse to register a share until any sums owing have been paid.
In the case of joint shareholders, only one, usually the first named, is entitled to vote at Company meetings.
The Directors have to be Estate residents and all are volunteers. They are elected each year at the Company AGM and then assume responsibility for managing the affairs of the Company. In practice this means ensuring that the communal parts of the Estate are maintained in a good and attractive order. It also entails overseeing observance of the covenants to be respected by residents, including dealing with Estate Approvals for building works, as contained within residents’ conveyances (see Estate Approvals system ).
The Directors have the same prudential responsibilities and personal liabilities as any other Company director but are indemnified by the Company.
Annual levy and AGM
An annual levy, imposed by covenant, is paid by all residents to fund the maintenance and general good order of the Estate. Currently the due date for this is 1st January and prior notices of it are issued each year. Residents are reminded that late payment of the levy penalises other neighbours who pay in due time.
The AGM is usually held in April following circulation of the Company Annual Report and audited Accounts.
Unless there is a subject requiring urgent attention by all shareholders, the AGM is the only general meeting that is organised.
Edit Date: Dec 20