Isla McCulloch introduces AirRegister, a tool that can help co‑operatives and community benefit societies record the number and value of the shares held by each member – a requirement for all societies.
Co‑operative and community benefit societies are required under the Co‑operative and Community Benefit Societies Act 2014 to maintain a membership register.
One of the requirements of this section of the Act is to record the number and value of the shares held by a member. Many societies choose to log this information using spreadsheets or similar.
It can become more difficult to maintain your records when members hold more than one share or where the society has undertaken one or more community share offers where interest may be paid or where members have the option of withdrawing their shares at a point in the future.
AirRegister is a new tool for co‑operative or community benefit societies that have raised capital through issuing withdrawable share capital – this is commonly referred to as a community share offer.
AirRegister offers an easy and affordable way to manage their member register, manage interest payments, share withdrawals and new applications for shares.
The tool is hosted on AirTable and is highly customisable. Co‑operatives UK has worked with experienced community shares practitioners and developers to develop AirRegister as a DIY alternative to paid registry services.
AirRegister is free to set up and use yourself if you’re relatively comfortable with tech. Some support is available through the practitioner developers if you need help to set up or integrate your existing spreadsheets/member registers into the platform.
- Watch our webinar on AirRegister, its functionality and application before deciding on whether it’s right for your organisation.
- Contact the Advice team if you would like to start using AirRegister for your society.