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Membership Deed

Every cooperative needs to define the terms of its membership. As coopon members agreed to be an LLP - Limited Liability by Partnership operating on cooperative principles, it requires a Partnership Deed.

LLP Deed Template - https://www.indiafilings.com/learn/wp-content/uploads/2015/04/LLP-Agreement.pdf

LLP Information from ICAI - https://resource.cdn.icai.org/46646bosfnd-p2-seca-cp4.pdf

Nilenso Cooperative Agreement - https://github.com/nilenso/cooperative-agreement

* NYD = Not Yet Discussed

* NYF = Not Yet Finalised

The Firm

Registered Address For now: Prasanna's Home Address
Official Name Coopon SciTech LLP
Main business & areas of operation To design, develop, research, purchase, take on hire, import, export, sell, assemble, host, manufacture, test and distribute all types of hardware, software, electronic devices and electronics with embedded software. To render services such as consultancy, support and training and all other allied activities for services mentioned above for Indian and overseas individuals or firms.
Powers of the firm to participate in business Nilenso Deed
Intellectual property of the firm To be linked with FSHM after meeting Executive Committee of FSHM (NYF)

Relationship between Members

Profit sharing percentage None
Loss sharing percentage None
Salary to partners Equal sharing with contributors of the project
Min. Capital contributed by each member Rs. 1024/-
Procedure to admit a new member Unanimous vote required, member, should not work / business anywhere else
Procedure after leaving the firm 1 month notice to leave the firm, all property & access removed, no dues, all IP owned by firm
Designated Partners For now: Mr.Ganesh, Mr.Kamalavelan

Rights & Powers of Members

Right to participate in everyday management Yes (whenever contributable)
Right to inspect accounts (granted by LLP Act) Yes
Terms to call meeting & its terms Based on Priority or Regular Schedules
Terms to take on a new project (Should this be in the deed?) Not necessarily - more of discussion & arbitrary
Who should have direct access to coopon's funds Designated Partners have full access by law, beyond DPs who should be authorized signatories?
Who should have direct access to coopon's infrastructure (git repos, servers, office) Project & Roles (server admin etc) based access

Rules for admission of a new member

Eligibility Skill, Cooperative Knowledge, People from Scientific Community Schools
Min. required votes 75% ?

Special

* Everything in the deed can be superseded on a meeting-to-meeting basis if the vote is unanimous

deed.txt · Last modified: 17/12/2018 22:26 by Balaji