Draft rules & founding statements.
The working group moved from a broad idea to draft rules and founding statements. They show the proposed shape of a community co-operative: democratic control, an asset lock, non-distribution, and clear limits on private gain.
These documents were never final legal instruments and are not a financial offer. They are retained as campaign records, not as an active formation process.
The formal rules: name and purpose, capital structure (member shares, member loans/debentures, donations), membership and voting, the Board, meetings, accounts, and winding up. Established under the Co-operatives National Law (Tasmania) as a non-distributing co-operative with share capital.
Draft — for reviewThe supplementary document that sits beside the rules — the purpose, the eight primary activities in plain language, membership pathways, the Board, the capital structure explained, the asset lock, and the seven co-operative principles. This is the “why” to the rules' “what”.
Draft — for reviewWhat these drafts would set up
The drafts describe a non-distributing co-operative with share capital. In brief, that means:
- Non-distributing: no surplus is paid to members as profit or dividend. Surplus stays in the Co-op and its community purposes; up to a capped share of annual surplus may be applied to charitable purposes at the Board's discretion.
- Member shares are the pathway to Shareholder Membership, with a minimum holding and a maximum holding so no single investor can dominate. Shares carry no dividend and are a long-term commitment — redemption is at the Board's discretion and depends on the Co-op's financial position.
- Member loans (debentures) are being explored as one possible way for supporters to contribute capital beyond ordinary membership. Any loan terms would need final legal documents and should not be treated as settled.
- One member, one vote on general matters; financial and capital decisions are reserved to Shareholder Members.
- Asset lock: on winding up, remaining assets transfer to another community organisation with similar purposes — they cannot be distributed to members.
None of these terms became final through this project. No share or loan offer is open.
Have a question about what any of this means in practice? See common questions for plain answers on ownership, money, and what the co-op can and can't do.
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