Legal Status
itSMF is a 'private company limited by guarantee having no share capital' and, as such, must be run in accordance with the rules and regulations of the Companies Act. The Chief Executive Officer acts as the Company Secretary.
itSMF will normally appoint four Directors, these being the elected officers of Chairman, Vice-Chairman Finance Director and International Director. The appointment period will be coterminous with holding a Management Board office.
itSMF requires an operational minimum of two Directors or one Director and a Company Secretary who is not a Company Director.
In the event of itSMF being wound up, the assets will be realised and any sums remaining after all outstanding creditors have been paid will be donated to Papworth Hospital NHS Trust Charitable Fund and will be declared in a covering letter to be specifically for Heart and Lung Surgical Research.
