After incorporation |
There are several things that your newly incorporated association must do as soon as it becomes incorporated.
Get a common seal
Your incorporated association needs to have common seal produced. The common seal is a rubber stamp used to legally identify the incorporated association. The
seal is usually used to provide proof of the incorporated association´s name on legal documents. The seal must include the words ´Common Seal´ and feature your incorporated association´s full name as it appears on your certificate of incorporation, including the word ´Incorporated´ or ´Inc.´.
Open a financial account
You will need to open an account with a financial institution in the name of your incorporated association. The account must be kept in Queensland. The financial institution may ask for a copy of your rules and wish to sight the original certificate of incorporation.
You will need to appoint signatories to the account. All incorporated association cheques must feature two signatures, with at least one being an office bearer. Make sure you appoint enough signatories to administer the account conveniently.
Operating outside Queensland
If your incorporated association will be conducting business outside Queensland, you need to register as a Registered Australian Body with the Australian Securities and Investments Commission.
Public liability insurance
Public liability insurance protects your incorporated association if a person is injured, or their property is damaged, due to an incident on your incorporated association´s property or due to your incorporated association´s actions.
Public liability insurance is compulsory if your incorporated association owns or leases land, or holds land in trust.
The management committee must assess your incorporated association´s situation and decide how much insurance it needs, if any.
Transfer property
Any assets, liabilities, rights or legal proceedings of the unincorporated association are transferred to the newly incorporated association.
Arrange with the Department of Environment and Resource Management´s Registrar of Titles to transfer any property held by the unincorporated association (usually held by trustees) to the incorporated association.
Last reviewed 24/05/2012 |
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