Townsfolk are being offered a chance to show commitment to their community by buying shares in a co-operative.

For just £10, people in Silsden can join Cobbydale Regeneration, an organisation pledged to re-invest in making the town thrive.

The community benefit society is being launched on Monday, March 22, at a meeting in Silsden Town Hall. People wanting to invest – or find out more – are urged to go along to the gathering from 7pm.

Spearheading the project is community worker and co-founder, Jonathan Crewdson, who has had experience in social enterprise schemes. He describes the co-operative as a method of generating “philanthropic capital”.

The co-operative would be working under the Co-operative Community Benefit Society Act and one of the first jobs would be to apply for grants and loans.

Mr Crewdson, 34, of Silsden, is looking for people to become unpaid, voluntary directors as well as members to buy shares.

He said: “It is a form of community co-op that can trade and sell shares to raise money but must re-invest the vast majority of its profits on work to benefit the local area.

“We will be promoting sustainable environment issues and social and economic regeneration.”

Early ideas included a scheme to create community-owned renewable energy by using water from the nearby River Aire.

It would involve installing an Archimedes screw which would turn water power into electricity for sale to the National Grid.

The co-operative could set up loyalty vouchers to be used in local businesses and consider buying and renovating derelict property in the town.

It would aim to support businesses and encourage people to buy locally and carry out projects to improve the physical environment. He said: “While local residents are our main target audience, anybody who supports our aims can become a member of the society, whether or not they live, work or usually have anything to do with Silsden. Both individuals and organisations may become members.”