An Animated Annual General Meeting
by Mary Meadows, Secretary to the Maple Street Co-op Board

We had 54 signed attendees at the Annual General Meeting held at The UpFront Club on Tuesday 28 November 2006. It was probably a good thing that the current registered membership of approximately 990 did not come out in force: the Club may not have coped!

A question was raised as to the status of UpFront Club memberships. Although the Registrar of Co-operatives has given "in principle" approval for the "Transfer of Engagement" of the Club to Maple Street Co-op, this will not be completely finalised until we have the liquor licence transferred. It appeared that there was some confusion by some members about the process.

At the March 2006 Board meeting, the Directors passed a resolution to deem all Maleny Co-operative Club Society Ltd members as members of Maple Street Co-operative. All rights have been preserved, so it's now a waiting process for the liquor licence transfer to be finalised. A significant benefit for UpFront Club financial members is that, as at 1 December 2005, their shares were also deemed to be valued at the same dollar value as Maple Street Co-op shares, i.e., $25, not $10 as they were previously. There is also a saving for Club members in that their annual subscription fee is now $11, not $30.

The formal process of moving Minutes and Reports was attended to and all queries raised were resolved. Directors Kamala Alister and Douglas Gillies were re-elected. David Bromet and Associates were appointed as Auditors for the 2006–07 financial year.

It was mentioned by the Auditor that it may be possible to obtain a tax benefit from the accumulated losses of the Club, particularly as more than 50 per cent of financial Club members as at 1 December 2005 were also members of Maple Street Co-operative. This matter will be followed up by the General Manager in collaboration with the Auditor.

The Special Resolution to increase the borrowing capacity of Maple Street Co-operative to $2 million was put to the members at a Special Meeting held after the AGM. The necessary two-thirds majority gave a "yes" vote to pass the resolution, and so this is now in the Co-op Rules. This provides the Board with the authority and the flexibility to borrow money to complete the much-needed extensions to the Maple Street Co-op premises. Details regarding these renovations/extensions will be provided in subsequent newsletters.

[From "Maple Street Co-op News", December 2006/January 2007; published by The Maple Street Co-operative Society Ltd, 37 Maple Street, Maleny, Qld 4552, Australia, tel (07) 5494 2088, email maplest.co-op@serv.net.au,
website http://www.maplestreetco-op.com.au]