FREQUENTLY ASKED QUESTIONS

I UNDERSTAND THAT A CIC HAS TO HAVE AN ASSET LOCK. WHAT DOES THIS MEAN?

This means that, subject to the CIC meeting its obligations, its assets must either be retained within the CIC to be used for the community purposes for which it was formed, or, if they are transferred out of the CIC, the transfer must be made to another Asset Locked Body. In our case our funds would go to the Eaton Fund for artists nurses and gentlewomen.