KSFIOM Depositors Action Group Limited – Who are we?

Category: DAG Public News

Please take the time to read this prior to registration

KSFIOM Depositors Action Group Limited is a private company limited by guarantee, registered in England and Wales.

KSFIOM Depositors Action Group was originally formed as an unincorporated group at the end of 2008 to provide the depositors and bondholders with funds deposited in KSFIOM with a focussed voice and direction, with the aim of recovering 100% of all depositors' savings at the earliest juncture.

By registering as a limited company the group attains its own legal identity. It no longer has to rely on the goodwill of individual members when entering into agreements with legal advisers and other service providers.

Membership of KSFIOM Depositors Action Group is open only to depositors and bondholders with Kaupthing Singer and Friedlander (Isle of Man). Depositors and bondholders can join the KSFIOM Depositors Action Group by applying to register with the company’s website (www.ksfiomdag.com) and providing evidence which identifies them as bona fide depositors and/or bondholders, and they agree to be listed as a Member of the Depositors Action Group. Members may nominate a person to manage their membership (provision for two e-mail addresses has been made) but are limited to one registration access to the site. Any member can resign their membership at any time.

A company limited by guarantee is a legally bound and registered non-profit organisation which does not have a share capital. There are no owners of the company. By joining, each member agrees to provide a guarantee, not to exceed the value of £1, which they will provide towards the winding up of the company in the event that its assets cannot at that time meet its liabilities.

 

The company is legally bound to apply any and all funds raised solely towards the promotion of its stated aims; no part may be paid to its directors or members (other than reimbursement of out of pocket expenses), and there are no owners of the company.

The company has received exemption under Section 30 of the Companies Act to omit the word ‘Limited’ from the company’s name on official correspondence.

KSFIOMDAG.COM

This is the official website of KSFIOM Depositors Action Group. It has been set up for the benefit of all depositors wishing to support and contribute to the DAG Strategy Team (DST’s) strategy and actions in pursuit of the DAG's aim to secure 100% recovery of our deposits. The capability to put the numerical strength of our membership towards supporting Select Committee submissions, lobbying, petitions and so on will significantly enhance the credibility of our campaign. It is a cornerstone of this site’s function. Members’ actual names will not be used without their consent, but support will be assumed in DST’s communications and actions.

 

 

 

Benefits of membership

  1. Membership is restricted to verified current and former depositors and bondholders holding funds with KSFIOM. As such the members-only area will be a private place for fellow sufferers to exchange information, comments and support outside the public gaze.
  2. Members will be able to participate actively in the development of strategy and specific actions (legal, political or other), out of sight of possibly unfriendly observers. .
  3. Members will receive regular updates of actions being carried out on their behalf. .
  4. Members will be regularly informed on the funding of KSFIOM DAG. .
  5. There is no charge to members for use of the website. The website will be paid for out of donations to the Fighting Fund. .
  6. The new website has improved design, ease of use and navigation. There is only one website which contains a public area and the private members-only area. .
  7. It is intended that the website will show a professional face to those seeking information about our cause. The members-only area is intended to be a positive and action-oriented space which fosters mutual co-operation. This will allow members to engage in sensible debate, keep up to date with the latest actions and news, and to participate in and influence the strategy and actions of the DAG.

 

Funding

 

Funding of the website and the activities of KSFIOM Depositors Action Group, including legal fees, are funded by the Fighting Fund. This fund is vital to our efforts to secure the return of our savings. Donations are voluntary but as and when a new call for funding is required we expect that all members who are able to will contribute, thus sharing the burden as widely as possible, especially now that everyone is beginning to get at least some of their funds returned. Fund raising progress will be reported regularly in the members-only area. For more details about fund raising and how to donate please look at the Fund Raising section.

 

Operation of the members' forum

The forum will be moderated to ensure that posts remain in accordance with the aims and objectives of the DAG, on topic and, as far as possible, accurate. Moderation of a post will be notified to the originating member who will have a right of appeal.

 

Aggressive, abusive or insulting language will not be tolerated and may result in membership being suspended or withdrawn. The directors, in consultation with the DST, reserve the right to suspend or withdraw membership at any time without giving justification for such action.

Click here to go to registration form

Hits: 13248