Primary purpose:
Operation of trading stores under the name of Bowral Co-op Limited.
Rights and liabilities attaching to membership:
A member must hold shares in the co-operative. For new members joining the co-operative, the current minimum shareholding is 100 shares and the current maximum shareholding is 10,000 shares.
Shares are allocated at the discretion of the Board and decisions of the Board are final.
There is one class of share, all ranking equally, with a nominal value of $2 each.
No share can be allotted until the full nominal value has been paid.
The Board may require a member to subscribe for additional shares, if a Special Resolution of members approves this step.
Shares shall not be quoted for sale or purchase at any stock exchange. The Board will repurchase shares on request at $2 each or may approve transfer to a family member.
Capital shall vary according to the nominal value of shares from time to time subscribed.
Members must be over 18 years of age and notify the office of any change in membership details.
An active member has one vote, a personal right not attaching to shares held.
To be active, a member shall purchase, in any one month during the year, $10 worth of retail goods or $100 worth of produce goods.
If a member becomes inactive, that membership must be cancelled.
A membership may be cancelled on death, bankruptcy or transfer.
A member may be expelled by Special Resolution.
The co-operative will repay the paid up capital of cancelled or expelled memberships.
The co-operative has a charge on shares for the amount of any debts.
In the event of a winding up, any surplus after the payment of all debts and return of capital shall be distributed amongst members in proportion to the amount of business they have conducted with the co-operative over the previous three years.
Copies of the latest annual report and consolidated rules of the co-operative are available for inspection at the registered office of the co-operative.
