Coastals formally approved a new Constitution at the 2020 Annual General Meeting, including the decision to migrate from a shares-based membership into a straight membership approach as provided for in the Co-operatives Act No 14 of 2005. The move to straight membership has no impact at all on your rights and obligations as a member.
The Companies and Intellectual Properties Commission (CIPC) registered the new constitution in February 2022 on which date the above change became effective. As a result of the change, the share value of R 500 that members contributed when they joined the co-operative needed to be repaid to members.
From March this year, the co-operative requested members complete the Remittance Advice to confirm how they would like these proceeds to be repaid to them or donated to the Coastals Foundation.
To date, just over 20 per cent of all members have completed the paperwork to redeem their shares. At the August 2022 Board Meeting, it was resolved to credit all member accounts with the share value for those who have not completed the forms.
This means that if you have not completed the remittance advice, your account would have been automatically credited with R 500 in your August 2022 statement for your shares. Please pass this information to your accountant. Should you have any queries, please do contact the Company Secretary, Devan Naidoo (devan@coastals.co.za).
Click to download the CONSTITUTION and EXPLANATORY MEMORANDUM
