The Registrar must be satisfied that your rules and disclosure statement comply with the Co-operatives National Law. Using the Co-op Builder or the Model Rules means that Registrars do not need to check any of the standardised rules in these resources. Registrars will focus their attention on those rules that have been specifically drafted, such as rules about the co-operative’s purpose, primary activities and active membership requirements.
For co-operatives that must present a disclosure statement, Registrars will examine the statement to ensure that it is consistent with the rules and that financial information, statements of costs, benefits and risks are clear and well-based. Ultimate responsibility for any information in the disclosure statement rests with whoever prepares it, including any experts who provide statements or opinions as part of a business plan or other advice.
Registrars must also approve the proposed name for the co-operative. The name must not be similar to another co-operative or contain offensive or restricted words. If you have already reserved a name through the Business and Organisations Name Register managed by the Australian Securities and Investments Commission (ASIC) or if you have registered a business name that is similar to the proposed name for your co-operative, you will need to show evidence of this to the Registrar and indicate your intention to transfer the reserved name or business name to the co-operative.
The Registrar will advise if the rules and disclosure statement are approved, or whether there is a need to make any amendment. You can amend your documents by accessing them through the My Account tab in the Co-op Builder.