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Corporations must keep a record of all membership applications given to the corporation and a register of current and former members.
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Indigeneity requirementThe CATSI Act ensures a corporation is Aboriginal and Torres Strait Islander owned and controlled through the Indigeneity requirement.
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CATSI Act corporations are member controlled. Members appoint directors who appoint corporation officers, such as the Chief Executive Officer.
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Members of a corporation have certain rights. Knowing what they are puts members in a better position to play an active part in the corporation.
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When a corporation gives an asset or money to a person or group with a close relationship to the corporation, this is called a giving a related party a financial benefit.
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Directors must keep proper corporation accounts and records that correctly record and explain the corporation's transactions and explain the corporation’s financial position and performance.
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A corporation’s members make important decisions about how the corporation is run. They decide who its directors are, how it spends its money, and how it manages its operations.
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Corporation meetings are essential for communication, accountability and decision-making.
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Members and directors can pass resolutions without a meeting. These are called ‘circulating resolutions’. The proposed resolution is written down and sent to all the people who can vote on it.
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There are certain parts of the CATSI Act that the Registrar can grant exemptions for. An exemption means that a corporation does not have to comply with that part of the Act.Exemptions may:
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Corporations need strong governance to be successful. This means directors run the corporation effectively with the help of management and staff. We provide information and resources so people directors can set up and manage good governance practices.
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An AGM is a gathering of members held once a year. It’s an important exercise in board accountability to members. The main purpose of an AGM is to allow members to: