2. Accounting for community shares

Roles and responsibilities

All directors, trustees or Management Committee members of a Co-operative Society, Community Benefit Society or Charitable Community Benefit Society have certain roles and responsibilities. 

All societies must have a minimum of three directors and must appoint a secretary who is generally responsible for signing and submitting annual returns on behalf of the society. 

Most societies also appoint a treasurer to oversee the society’s finances. Regardless of role, all directors have an equal and collective responsibility to oversee a society’s financial position, any obligations, and liabilities. 

This guide goes into further detail of those responsibilities as they relate to the management of member share capital.