Setting-up a Cooperative Housing Society
How to set up a cooperative housing society: step by step!
- To form a cooperative housing society, a minimum of 30 members of a specific group or living in a specific region or a certain area (employees belonging to a specific entity, members of charitable organizations, club associations or neighbors from the same residential center, district or village.)
- The founders of the cooperative housing society shall meet at the General Assembly where 3 members are to be selected to form a trilateral committee including the head, the secretary and the financial supervisor of the committee.
- 241 EGP shall be collected from the founders of the cooperative society as follows:
VALUE |
|
10 EGP | A Share price in the society |
6 EGP | Annual fees |
25 EGP | Membership fees |
200 EGP | Savings added to the member’s account to benefit from one of the projects later on. |
- Members of the trilateral committee shall contact The competent authority in the governorate to request their approval of the establishment and the registration of the cooperative housing society as well as obtain their confirmation on the society’s name bearing in mind the society’s category whether it is a group or a regional one (a list with the founders’ names and their full data shall be attached to the form).
- Members of the trilateral committee shall contact theCentral Housing Cooperative Union (CHCU) situated at 12 Al Nile Al Abyad street, Mit Akaba, Agouza, Giza Governorate, Egypt to purchase 6 copies of the establishment contract and the society’s internal regulation system. The competent authority in the governorate shall guide the trilateral committee members to complete the data of the internal regulation system and obtain the approval of their official entities.
- Members of the trilateral committee shall send (6) copies of the society’s internal regulation system after being finalized and approved of by the relevant official entities in addition to (6) copies of the lists including the names and full data of the founders to the competent registration authority in the governorate. Members shall also send needed letters requested by these entities to complete the publication procedures in the Egyptian Gazette to obtain an official letter directed to the bank to make a deposit with the collected amounts in the society’s account (a trust account).
- The application form will be reviewed within 60 days of submission by the competent authority in the governorate; otherwise the society shall be registered in compliance with the relevant law unless it is requested to complete some data which will result in the suspension of this period.
- The society shall be registered in the governorate’s register allocated for this purpose and a brief about the society’s establishment contract and the internal regulation system shall be published in the Egyptian Gazette.
- The competent authority in the governorate shall transfer (2) copies of the establishment contract, the internal regulation system and the Egyptian Gazette edition including the society’s registration to the Authority in addition to (2) copies of the founders’ full data list. The Central Housing Cooperative Union (CHCU) shall receive (1) copy of the mentioned documents from the competent authority in the governorate.
- The cooperative housing society shall acquire legal personality once registered.
- In case of final rejection of the governorate, the competent authority in the governorate shall inform the head of the trilateral committee through an acknowledgment of receipt letter of their reasons for rejection. The committee shall then return the collected amounts of subscription to the founders after the deduction of each member’s share of the establishment fees.