The Council of the Royal Pharmaceutical Society is taking steps to further
develop the Society’s commercial activities, which already provide substantial
revenue for the profession.
The Council intends to seek the approval of the Privy Council for the addition
of two new paragraphs to the Society’s Byelaws (see below).
The proposed Byelaw amendments would allow the Society to extend its activities
in the fields of publishing and medicines testing.
Alterations to the Byelaws:
Funds and properties
NOTICE is hereby given in accordance with Section XXVIII of the Byelaws that
the Council of the Society has approved proposals to alter the Byelaws concerning
funds and properties (Section XIV) as hereunder and that it intends to make
such alterations after the expiry of 60 days from the date of this notice, subject
to such amendments as the Lords of the Privy Council may require.
SECTION XIV
Paragraphs 2 and 3: Renumber as Paragraphs 3 and 4.
Add a new Paragraph 2: “Notwithstanding the provisions of Paragraph 1,
the Society may, under the direction of the Council, acquire any property and/or
rights for the purpose of furthering the publishing activities of the Society
(including the acquisition of such property and/or rights by the purchase of
shares in a body corporate or other legal entity), provided that the aggregate
purchase price in respect of any acquisition of such property and/or rights
does not exceed £2,000,000. In calculating the aggregate purchase price,
there shall be taken into account the amount of any liabilities assumed by the
Society.”
Add a new Paragraph 5: “Notwithstanding the provisions of Paragraph 1,
the Society may, under the direction of the Council, invest funds in the purchase
of stock or shares of a body corporate for the purpose of furthering the activity
of testing and analysis of medicinal products or chemical substances and related
activity, provided that the funds so invested shall not exceed in aggregate
the sum of £2,000,000.
ANN LEWIS
Secretary and Registrar
Note: The effect of the Byelaw amendment is to permit further development of the Society’s commercial activities.