Section 13d reporting requirements need updating dating china chinese affairs

Posted by / 29-Oct-2017 09:55

Section 13d reporting requirements need updating

It’s good practice to have written rules stating: The management of most unincorporated groups is usually delegated to a committee of members.

If the rules require a management committee to be appointed, the committee has no authority to bind ordinary members, unless the rules state otherwise.

Incorporation gives an organisation the following key features: Many community groups will not need to incorporate – for example, if your group is intended to exist for only a short period (perhaps because it’s been formed to organise a particular event, or to respond to a particular time-limited issue), or if you don’t intend to seek funding from funding agencies (who often require applicants for funding to be incorporated).

In those cases, it may not be worthwhile to incur the cost of becoming formally incorporated and to take on the ongoing obligations – reporting requirements for example.

It will help the group operate smoothly for the rules to clearly state who is responsible for keeping proper accounts and the procedures for receiving and withdrawing funds (for example, a requirement for the signatures of two committee members).This means the society continues to exist as a legal entity (called “perpetual succession”) even though its membership may change.It also means the society’s members are not personally responsible for debts and other obligations that the society takes on.If you’re setting up a new community organisation, whether social, charitable, sporting, political or something else, you’ll need to consider which legal structure will be most appropriate for the group and its activities.For example, will an informal unincorporated group be sufficient?

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