The Disclosure Statement contains a number of sections to be completed together with the provision of annexures. When completed, a draft must be submitted to CBS at least 28 days before the formation meeting is held.
CBS may approve the draft statement as submitted or may approve an amended statement or refuse to approve the statement. Approval is given by CBS by notice in writing to the person who submitted the draft statement.
Outlined below are the major areas you need to consider in the disclosure statement.
- The rights and liabilities attaching to shares (including the capital required for the co-operative)
- The nature of the proposed membership of the co-operative including details of active membership requirements and objects.
- Details of how the co-operative will perform its activities.
- Particulars of how the co-operative will be managed, including details of:
- proposed directors
- proposed directors' interests in any contract with the co-operative
- day to day management
- responsibility for accounting and financial functions of the co-operative
- name of auditor together with written consent to appointment.
- Detailed financial information including details of:
- start up funding showing internal and external source of funds
- property and assets
- trading stock
- market research
- estimated costs of formation
- any contracts required to be entered into by the co-operative
- proposed contacts which the co-operative will assume once formed
- projected cashflow budget in the format provided or by annexure
- projected income and expenditure statement in the format provided or by annexure.
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Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
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