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===Charitable community benefit society from 2018===
On 10 May 2018 the Fund became a charitable community benefit society, registered (no. 7765) on the Mutuals Public Register of the Financial Conduct Authority (FCA) under the Co-operative and Community Benefit Societies Act 2014.<ref>[https://mutuals.fsafca.govorg.uk/SocietyDetails.aspx?Number=7765&Suffix=CBS Search/Society/17103 Mutuals Public Register of the Financial Conduct Authority] (Retrieved 10 November 2018)</ref> It has a bespoke constitution agreed with the FCA, a corporate structure to limit the liability of trustees and members, but one that reflects the constitution, is tax efficient and still allows members to continue as shareholders.<ref>[https://www.svrlive.com/epnovember18 Express Points November 2018]</ref>
In November 2021 the EMF Trustees began a Shareholder Consultation, noting that ''In order to start fund-raising and commit expenditure to the overhaul of 5164, we wish to amend the Fund’s Objects to include reference to this locomotive, alongside the Manor Class locomotives already in our ownership.'' In January 2022 the Trustees announced that the EMF Shareholders had voted unanimously in favour and that the Financial Conduct Authority (FCA) had approved the change to the Fund's charitable objectives<ref name="EMF190122"/>.
