Main purpose of lodging annual returns
The main purpose of lodging annual returns is to update and inform the Registrar about the status of your business. In keeping with the legislation, the Registrar needs to determine whether a registered co-operative is still in business and the Registrar is still in possession of the latest information about each and every registered co-operative.
Compliance in terms of annual returns
In terms of Section 29 of the Co-operatives Act No 14 of 2005.
- A co-operative must hold its first annual general meeting within 18 months of its registration.
- Subsequent annual general meetings within six months after the end of the preceding financial year.
The annual general meeting must:
- Appoint an Auditor (In terms of Section 50 of the Co-operatives Act )
- Co-operative to submit a completed CR4 form to the office of the Registrar
- Approve a report of the board of the affairs of the Co-operative for the previous financial year
- Approve the financial statements and Auditors report where applicable for the previous year (In terms of Section 48 of the Co-operatives Act )
- Co-operative to submit Financial Statements and Auditors report together with completed CR7 form to the office of the Registrar of Co-operatives.
- Elect directors (In terms of Section 33 of the Co-operatives Act No 14 of 2005)
- Co-operative to submit names of elected board of directors by completing CR2 form.
- Elect a supervisory committee if required by the constitution of the co-operative