Tipperary County Board will participate in the GAA’s new corporate trustee entity after secretary Tim Floyd, affected by a club’s decision to default on a loan, saw his personal credit rating downgraded.
Floyd, according to the Nenagh Guardian, told last week’s county board meeting how his own rating had suffered due to an unnamed club.
“I will find it difficult to be a signatory on a loan going forward after my own credit rating was hit after a club defaulted on a loan,” he informed club delegates.
Property owned by a GAA club is vested by five trustees; three of whom are attached to the club, one on behalf of the relevant county committee and one on behalf of the relevant provincial council.
Floyd, in his role as county secretary, would sign his name when the Tipperary board give the green light to a club applying for a loan between €15,000 and €75,000 from a financial institution.
The board meeting heard debate on the GAA’s new corporate trustee entity whereby clubs can now hold property through the company. Called Iontaobhas Corparáideach Chumann Lúthchleas Gael Teoranta, the trust company does not affect ownership.
It holds the property for and on behalf of the club. The facility, which is entirely optional, was designed to avoid continuous amendments to the title property when a trustee decides to retire or passes away.
Moreover, the trust company removes pressure from individual trustees and avoids the publishing of names should court proceedings take place.
Tipperary clubs wishing to sign up were told they can apply to Munster Council for a grant which would ease legal costs if they are transferring the title deeds of a property.
“Corporate trust is the way forward,” Tipperary chairman John Devane told the Examiner yesterday.
“From a logistics point of view, it makes huge sense. It reduces the number of signatures required for a loan. Some clubs are wary they will lose control but this is absolutely not the case. We have signed up and we are encouraging clubs to do likewise.”
Meanwhile, all six All-Ireland post-primary games fixed for Saturday have been postponed. These include the two Croke Cup quarter-finals; CBS Midleton versus Kilkenny CBS and Gort Community School versus St Kieran’s College, Kilkenny. Croke Park will make the call tomorrow on what Allianz league games go ahead this weekend.
© Irish Examiner Ltd. All rights reserved