CLT definition included in the Housing & Regeneration Act 2008

The following is now the official definition of a Community Land Trust, as found in the Housing and Regeneration Act 2008, Part 2, Chapter 1, Clause 79:

A Community Land Trust is a corporate body which

• 1) is established for the express purpose of furthering the social, economic and environmental interests of a local community by acquiring and managing land and other assets in order -
• to provide a benefit to the local community
• to ensure that the assets are not sold or developed except in a manner which the trust's members think benefits the local community

2) is established under arrangements which are expressly designed to ensure that:

any profits from its activities will be used to benefit the local community (otherwise than by being paid directly to members)

individuals who live or work in the specified area have the opportunity to become members of the trust (whether or not others can also become members)

the members of a trust control it.