Sadly there were many cases of ad hoc groups being formed to purchase a prized heritage asset with little or no thought given as to how it would be owned and who would be responsible for it. Many of these groups were unincorporated so could not legally own assets in their own right or conclude agreements as the group for hire/use of their stock ( although it didn't stop some from mistakenly believing that they had such enforceable contracts). The reality is that legal ownership would vest in committee Members or Trustees to own the asset on express or implied trust for the others. Sometimes individuals thought they were purchasing "shares" in the asset whereas in reality they were simply making donations. The other downside of unincorporated status is that individuals can be liable without limit and without any right of contribution from other group members or expectation that they will be indemnified. So if, for instance, a coach owned by such a group must have asbestos removed the entire cost could fall on one member. In the rush to preserve some made "investments" that are not asset backed and may have naively taken on potentially life changing financial exposure.