What is the Coastals Constitution?
The Constitution is the founding document that governs how Coastal Farmers’ Co-operative Limited operates. Registered under the Co-operatives Act, 2005, it sets out the rules and principles that the co-operative, its Board of Directors, and all members are required to observe. It serves as the definitive framework that ensures Coastals is managed fairly, transparently, and in accordance with the law. It covers everything from the conduct of meetings and the making of decisions to the day-to-day management of the co-operative.
What does it cover?
The Constitution addresses all material aspects of membership and governance. It defines who qualifies for membership and the application process, the rights afforded to members including the right to vote, attend general meetings, and participate in any surplus distribution as well as the obligations that membership carries. It further governs the election and conduct of the Board of Directors and the maintenance of financial records.
Why does it matter to you as a member?
As a member of Coastals, the Constitution exists to protect your interests and to ensure that you have a meaningful voice in how the co-operative is governed. It holds Coastals accountable to its membership. The Constitution was comprehensively updated in 2020 to align with current co-operative legislation, ensuring that Coastals continues to operate on a sound, modern, and fully compliant foundation in the interests of all members.
Redemption of Shares
Upon adoption of the new Constitution at the 2020 Annual General Meeting, Coastals transitioned from a shares-based membership structure to a straight membership model as provided for under the Co-operatives Act No. 14 of 2005. This transition had no bearing on the rights or obligations of existing members. Following formal registration of the new Constitution by the Companies and Intellectual Property Commission in February 2022, the R500 share capital originally contributed by members upon joining was duly repaid. Members who submitted the required remittance advice received their refund through their preferred method; those who had not done so by August 2022 were automatically credited to their accounts. This process has been concluded.
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
