REQUIREMENTS FOR REGISTRATION UNDER...

The Co-operative Societies Act 1950

The requirements for forming a Co-operative are:

1.  The minimum number of persons required to form a Co-operative is ten (10).

2. The Group should elect a Steering Committee from its members. The Steering Committee should be an odd number of persons (i.e. five (5), seven (7) or nine (9). Thereafter the following documents should be submitted to this Department.

• Three (3) error-free copies of proposed Rules.  Model Rules available ($2,500 – CD, $3,000  – hard copy)

• Application Form duly completed along with the prescribed registration fee of Two Thousand Dollars ($2,000.00)

• Registration Agreement duly completed and signed by the relevant officers.

• Project proposal/Business Plan to include, cash flow projections and/or feasibility study over a five (5) year period – monthly in the first year and thereafter annualized; showing economic viability of the Co-operative.

• Written proof of proposed location for registered office (e.g. lease or rent agreement)

3.  In addition, the Steering Committee should avail itself for training in Co-operative Management at a cost of $900.00 per hour, minimum 10 hours; at the end of the prescribed training, an evaluation will be undertaken to determine the group's knowledge on Co-operative Management and Principles.

FOR THE ESTABLISHMENT OF A CREDIT UNION THE FOLLOWING ADDITIONAL REQUIREMENTS ARE NECESSARY:

A minimum capital base sufficient to generate adequate revenue to meet at least the following expenses:-

• Salaries
• Rent
• Audit fees
• Utilities
• Stationery
• Security

FOR FURTHER INFORMATION, CONTACT THE DEPARTMENT