Formation meeting |
Once we approve your cooperative rules, including the active membership provisions and disclosure statement (if appropriate), your cooperative can hold its formation meeting.
The formation meeting is an important step in registering a cooperative because, during this meeting, the members accept important documents on which all future activities of the cooperative will be based.
The board of directors are also elected at this time.
Members need to pass the rules by a two-third majority vote at the formation meeting before we can register them.
If changes need to be made to the approved rules before the formation meeting, you must re-submit them to us for approval at least 28 days before the next formation meeting.
The rules should not be altered during the formation meeting, because we will have already approved them.
If the rules are changed in the formation meeting, another formation meeting would need to be held after the amendments are approved by us.
Meeting process
- Have all proposed members write their names on and sign Form 3 - Application for registration of a cooperative, annexure A. (We will send this form to you before the meeting.) Only these people are recognised as having voting rights at the meeting.
- Present the disclosure statement at the meeting, which has been approved by us (only relevant for trading cooperatives).
- Complete the membership application. All proposed members must fill in an application. The cooperative can choose the content for the application, though you can call us if you need advice.
- Pass the approved rules with at least two-thirds of proposed members who have voting rights, i.e. those members listed on Form 3 above.
- Elect the directors, according to the process in your cooperative´s approved rules. Complete Form 3a - Statement listing directors´ details. (We will send this form to you before the meeting.)
- Select the person authorised to register to cooperative with us, usually one of the cooperative´s directors.
Documentation
Within two months of the formation meeting, ensure your authorised person sends the follow documentation and pays the prescribed fees (listed on the forms):
- Form 3 - Application for registration of a cooperative, including Annexure A, with the names and signatures of voting members present at the formation meeting
- Form 3a - Statement listing directors´ details
- two copies of the approved rules, with the certificates on both copies signed by chair and secretary
- disclosure statement certification, signed by chair and secretary (trading cooperatives only).
Appointing an auditor
Within one month of the formation meeting, a cooperative needs to appoint an auditor to check the financial records of the cooperative.
People wishing to become an auditor for a cooperative should contact us for the latest qualification requirements and the current application procedure.
Last reviewed 09/12/2011 |
 |
