Terms and Conditions
Terms and Conditions of dealing with Fractal Economy Co-Operative Ltd (the Co-Operative).
Rights and responsibilities, terms and conditions, of being an Individual Member
- Individual Membership is given only to individuals.
- The Co-Operative has no joint membership.
- Incorporated entities must register as a Trading Partner or Not For Profit Beneficiary. This is done by an existing Individual Member who is also an employee or authorised representative of the entity.
- Individual Members may vote, raise petitions, and participate in meetings in any way that is allowed in the Co-Operative rules and policies.
- Individual Members also vote on the allocation of gift funding to Not For Profit Beneficiaries.
- The rules of the Co-Operative are available on request and will be provided on approval of application.
- Applicants have a five day cooling off period to reconsider their membership.
- If an Individual Member has signed on to be tax payer within the Co-Operative; and if another Individual Member has made a purchase from them; and the buyer then declares their membership; the seller must take all reasonable steps to notify the Co-Operative of the sale using the methods endorsed by the Co-Operative.
- Currently, this is primarily through the Co-Operative’s transaction tax app.
The Co-Operative will notify members of any changes or additions to its tax collecting methods. - Sellers may decline to register a sale if the value of the sale is less than twenty dollars ($20).
- If a tax-paying member has opted to pay a higher tax rate, they may advertise their membership with a ‘star rating’. A 4-star member pays 4% tax; a 5-star member pays 5%, etc.
- The Co-Operative will help with logo display to this end.
A 3% tax rate is the minimum. - Members may adjust their tax rate and star rating at any time – taking effect at the beginning of the next month.
- Tax payments are billed monthly and the terms are 30 days.
Rights and responsibilities, terms and conditions, of being a Trading Partner
- Trading Partners do not have voting rights within the Co-Operative.
Only Individual Members have voting rights. - The rules of the Co-Operative are available on request and will be sent along with approval of your partnership application.
- You have five days to reconsider your application after approval.
- If a Trading Partner has signed on to be tax payer within the Co-Operative; and if another Individual Member / Trading Partner / Not-for-Profit Beneficiary has made a purchase from them; and the buyer then declares they are an Individual Member, Trading Partner, or Not-for-Profit Beneficiary by providing their respective ID number; the seller must take all reasonable steps to notify the Co-Operative of the sale using the methods endorsed by the Co-Operative.
- Currently, this is primarily through the Co-Operative’s transaction tax app.
The Co-Operative will notify ndividual Member / Trading Partner / Not-for-Profit Beneficiaries of any changes or additions to its tax collecting methods. - Sellers may decline to register a sale if the value of the sale is less than twenty dollars ($20).
- If a Trading Partner has opted to pay a higher tax rate, it may advertise its Co-Operative affiliation with a ‘star rating’.
- A 4-star trade partner pays 4% tax; a 5-star trade partner pays 5%, etc.
- The Co-Operative will help with logo display to this end.
- A 3% tax rate is the minimum, and Trading Partners may ask to adjust their tax rate and star rating at any time – taking effect at the beginning of the next month when adjustable.
- Tax payments are billed monthly and the terms are generally 30 days.
- The board of directors reserves the right to cancel a Trading Partner’s status if it:
- does anything which brings the Co-Operative into disrepute
- does not pay any dues owing for an extended period
- The board may, at its discretion, refuse any application for Trading Partnership.
Rights and responsibilities, terms and conditions, of being a Not-for-Profit Beneficiary
- Not-for-Profit Beneficiaries of the Co-Operative do not have voting rights within the Co-Operative. Only Individual Members have voting rights.
- The rules of the Co-Operative are available and will be sent to you on request and on approval of your application.
- You have a five day cooling off period to cancel your Not-for-Profit Beneficiary application.
- Not all Not-for-Profit Beneficiaries will qualify for gift recipient partner status with the Co-Operative, e.g. football clubs. Only some incorporated associations will qualify.
- All Not-for-Profit Beneficiaries who quality are required to undertake a financial audit or review every year as a matter of course. The Co-Operative may or may not request such a report.
- All Not-for-Profit Beneficiaries have a tax-free status in the Co-Operative.
The Co-Operative, being a new organisation, is still working on clarifying and defining the criteria for gift recipient status. - The founding board of directors considers these examples to be eligible organisations and activities:
- Schools and educational institutions – private (not-for-profit) and public.
- Scientific and religious institutions
- Environmental and social justice organisations (including say protest groups of coal mining projects and coal seam gas fracking)
- Women’s refuges, soup kitchens, etc
- Neighbourhood centres, ‘Men’s Shed’ and similar
- Community music and arts festivals
- Not-for-profit media
More Rights For all Members
- Individual Members are free to question decisions, or make suggestions to the board regarding gift recipients eligibility.
- Individual Members may also start a petition to make formal policy changes to the Co-Operative’s criteria on this issue. We are a direct democracy-based organisation.
- Allocation of gift money to gift recipient partners is decided by direct voting of the Individual Membership.
- Any Trading Partner or Not-for-Profit Beneficiary of the Co-Operative is free to advertise its relationship with the Co-Operative, particularly with the use of the Co-Operative’s logo.
- No entity which is not a registered Trading Partner or Not-for-Profit Beneficiary may use the Co-Operative’s logo or make any claim or suggestion of a Co-Operative relationship.
- The board of directors may, at its discretion, refuse an application of a Not-for-Profit Beneficiary.
- The board also reserves the right to rescind a Not-for-Profit Beneficiary status if it does anything which brings the Co-Operative into disrepute.
- The board may do the same if it reconsiders that an organisation does not fall within its criteria. This may follow non-board members’ input.