A cooperative shall be a community of an indefinite number of persons, established for the purpose of mutual support of its members or third parties or for the purpose of doing business. A cooperative shall have at least 3 members.
|The lowest number of members||3 persons|
|The highest number of members||unlimited|
|Minimum registered capital||CZK 0|
|The lowest possible contribution||CZK 0|
|The highest possible contribution||unlimited|
|Deadline for paying off the contribution||within 15 days after the date of the foundation meeting which decided on the establishment of the cooperative|
|Number of votes per investment||1 member has 1 vote|
|Liability of share-owners for the company’s obligations||not liable|
|Scope of business||mutual support of its members or third parties or business|
|Internal structure system||Members meeting, statutory body – Board of Directors, Auditing Committee, others according to the statutes (small cooperative – only Members meeting and president)|
|Founding document||founding meeting, articles of association|
Establishment of cooperative
The founding document of a cooperative is article of association. The articles of association of the cooperative shall also include at least:
- the trade name of the cooperative,
- the objects or activities,
- the amount of a basic membership contribution or an entry membership contribution, as the case may be,
- the method of payment and period for the payment of the share by a joining member,
- the method of convening the members’ meeting and the rules governing its decisions,
- the number of members of the board of directors and of the auditing committee and their terms of office,
- the conditions for the acquisition of membership in the cooperative and
- the rights and duties of a member of the cooperative (the “member”) and of the cooperative.
In addition to adopting the articles of association, the foundation meeting of a cooperative shall elect the members of the bodies of the cooperative and approve the method of fulfilment of the basic membership contribution and the entry membership contribution, as the case may be. The draft articles of association shall be prepared by the convener, which is a natural person commissioned in writing to do so, by the persons interested in establishing a cooperative. The convener shall summon the persons interested in establishing a cooperative, in an appropriate manner, to attend the foundation meeting.
A foundation meeting may be attended by any person who filed an application for membership in the cooperative to be established, addressed for the attention of the convener, and has not withdrawn this application before the commencement of the foundation meeting, as well as by other persons, where appropriate, unless such persons were prohibited from participating in the foundation meeting. A person who filed an application for membership in a cooperative shall be entitled to withdraw the application before the commencement of the foundation meeting.
The course of the foundation meeting and the decision to adopt the articles of association shall be certified with a notarial deed, which must include the approved text of the articles of association and be accompanied by the list of founders and a written declaration of the founders on the assumption of the contribution obligation related to the basic membership contribution, unless such declaration by the founders is already certified in the authentic instrument which certifies the course of the foundation meeting.
Every member shall participate on the registered capital of the cooperative with his or her membership contribution. No minimum contribution is stated. A founder shall fulfil the contribution obligation related to the basic membership contribution or the entry membership contribution within 15 days after the date of the foundation meeting which decided on the establishment of the cooperative. Otherwise the founder shall not become a member.