Woolwich Arsenal was incorporated as a limited company in 1893.
In 1910 they were in financial difficulties. One of the main issues that was identified for this was the constantly changing board of directors. At the company's statutory meeting in 1893 it was agreed that anyone hold one share or more was eligible to be elected onto the board. This resulted in the board being in constant flux and people unqualified to run a business to be able to steer the club.
At a meeting in early 1910 it was agreed to put the limited company into voluntary liquidation and form a new limited company to take ownership of the club. This is the prospectus for the new limited company. It states that anyone desirous of becoming a director would need to hold at least 25 shares.