How to open a credit cooperative
Video: Credit Cooperative Society - Forms of Business Organisation | Class 11 Business Studies 2024, July
A credit cooperative is a voluntary association of citizens or legal entities in accordance with the territorial, professional and (or) other principle in order to satisfy the financial needs of shareholders (members of the cooperative). You can establish it yourself.
You will need
- - Regulatory group;
- - notarized documents;
- - charter.
Instruction manual
1
Form an initiative group, which should include 3-5 people. The members of the initiative group should clearly understand the specifics of the loan and savings credit cooperative, acting on the principles of the cooperative movement with their direct management and control.
2
Organize your first meeting. After the appearance of the first people who want to join the CCP as shareholders (they must also be notified about the upcoming general meeting), it is necessary to bring them all together for subsequent unification.
3
Hold a general meeting. Prior to this, it is desirable to determine the principle of creating the CPC and the source of the creation of the FFVP. A meeting of citizens who are interested in the possibility of creating a CPC should be attended by a visiting economist or lawyer.
4
Complete all organizational aspects of the initiative group before holding the constituent assembly. Develop a CCP Charter. As its basis, you can use the model Charter. Think about all the main places of the Charter that require an individual approach, namely the name of the credit cooperative; legal address; goals and objectives of the CCP; the size of the entry and share fees; the formation of CPC funds; the competencies of the General Meeting of the Audit Commission, the Management Board, the Director and the loan committee.
5
Hold a constituent assembly. It needs to solve three main issues: how should the Credit Cooperative of Citizens be established; discuss and adopt the Charter; select the bodies of the Audit Commission, the Management Board and appoint the Director.
6
Register your credit cooperative. The state registration of the newly created credit cooperative requires a constituent assembly of its members, on which the name is determined, the charter, the main provisions are approved, and elected bodies are formed (revision committee, board, loan committee).
