Re GKN Sports Club [1982]

Club in financial problems.
1975 – Club meeting – agreed to sell sports ground for
current offer of £19k and divide proceeds among paying members of club.
1978 – Ground in fact sold to another purchaser for
£253k.
When had club ceased to exist?
Divisional Court held that if club inactive, court may
select time at which club ceased to exist.
Distribution of assets was to be equal, regardless of
length of membership of mount of subscription paid.