Successfully reported this slideshow.
Your SlideShare is downloading. ×

Savings Cooperative Formation committee presentation

Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Loading in …3
×

Check these out next

1 of 12 Ad

More Related Content

Slideshows for you (20)

Advertisement

Similar to Savings Cooperative Formation committee presentation (20)

Advertisement

Recently uploaded (20)

Savings Cooperative Formation committee presentation

  1. 1. Proposed Formation of a Primary Savings and Credit Cooperative 23 August 2012
  2. 2.  A cooperative is a group of people acting together to ◦ meet the common needs and aspirations of its members, ◦ sharing ownership and ◦ making decisions democratically.  Cooperatives are not about making big profits for shareholders, but creating value for customers
  3. 3.  There are two types of cooperatives namely in Namibia as per the Cooperatives Act of 1996: 1. service cooperative – owned and managed by the people who use its services; and 2. workers’ cooperative – owned and managed by people who work in the business. The Act further stipulates that a service cooperative must also enter into at least 51 per cent of its transactions with its members.
  4. 4.  Marketing and supply cooperatives  Consumer cooperatives  Housing cooperatives  Savings and Credit cooperatives
  5. 5.  The Namibia Consumer Protection Group is proposing the establishment of the Namibian Savings and Credit Cooperative.  The S&C Cooperative will act as a financial institution, and have the specific objectives to encourage savings and provide loan services.
  6. 6. a) promote the economic and social interest of its members by providing effective services to its members according to sound business principles; b) have non-discriminatory voluntary membership; c) be democratic and controlled by its members; d) entitle every member to have one vote – regardless of the number of shares owned; e) provide services be primarily to members; f) limit the dividends so most profits are kept for the functioning of the cooperative; and g) provide ongoing membership education.
  7. 7.  Members must be ◦ at least 18 ◦ a citizen of Namibia, or ordinarily resident of Namibia  A primary savings and credit service cooperative shall be formed by at least a seven members. The cooperative shall be governed by its by-laws.
  8. 8.  These by-laws include information regarding  the name,  address,  type of cooperative,  objectives,  nature of business and place of business and  other information as stipulated by the Act.  In addition the by-laws will include information on the liability of its members – in the case of the proposed Savings and Credit Cooperative the liability shall be limited.
  9. 9.  At least 7 members present  Elect formation committee of at least 7 members  Formation Committee shall elect a Chairperson, Secretary, and Treasurer  Minutes must be kept
  10. 10.  The committee shall ◦ Convene meetings to advise prospective members ◦ Prepare the by-laws ◦ Compile a list of its prospective members ◦ Estimate share capital ◦ Prepare a feasibility study ◦ Prepare estimated Income and Expenditure, and Cashflow Forecast ◦ Prepare Founders Meeting
  11. 11.  Sign the Register of Attendance  Elect 7 members to the Board  Board shall then meet to elect ◦ Chairperson ◦ Secretary ◦ Treasurer  Appoint CEO
  12. 12.  Convene Founders meeting to accept ◦ Proposed by-laws ◦ List of prospective members ◦ Feasibility study and financials ◦ Written declaration ◦ Register of members  Elect ◦ First Board and Supervisory Committee

×