Frequently Asked Questions 4
Why does Kanjini Co-Op have no joint shares?
We have chosen to have no joint shares for various reasons.
First and foremost Kanjini Co-Op likes to treat each member as an equal individual who has one vote.
Secondly joint shares would have to first agree on how to vote and what is to happen if they cannot agree? We like the one vote - one person concept.
Thirdly the times of marriage until death are pretty much over (whether for better or worse) and in today's world of serial monogamy relationships change much more frequently. Joint shares would then have to be separated into half shares and maybe later into quarter shares or even smaller units. Joint shares would also mean joint vote, joint liabilities and joint rights and clearly some boundary would have to be set to this fragmentation. So we decided to not even start with share fragmentation and ensured that one share is always one share, it makes it simple too.
Last not least we did not want to become part of any relationship split-up dramas.
The structure of Kanjini Co-Op means that all members are equal and therefore a share cannot be divided. The Rules state that there are no joint shares.
Does my life partner need to buy a share also?
All full members have a vote so if your partner wants to have a vote then Yes they will need to become a full member. They do not immediately pay in full and they also could apply for Introductory membership. Besides having a vote, the main difference is in the rent Kanjini will charge. So the short answer is NO, your life partner does not have to buy a full share to live with you on Kanjini land, but it will be cheaper in the long run to do so.
A few people have commented that for a family of 5 (2 adults, 3 children) they could buy a house and land for the same price as for the cost of shares. Depending on what type of house and lifestyle they wanted, this may be possible.
However you need to bear in mind that while the 2 adults would require full shares to be eligible for the minimal rent charged ($20/week each), the 3 children would not require any shares until they turn 18. We do doubt that for $200,000 (two full shares) you will get much of a property, never mind a family home. And they would not have the benefit of living in a caring community on a great property.
Are Children allowed at Kanjini Co-Op?
Kanjini Co-Op welcomes children of all ages. We believe that sharing the responsibility of child rearing is best as a 'village' approach.
Children benefit greatly from differing points of view, sharing experiences with people of all ages and a broader variety of communication. The richness that arises from sharing the experiences, affection and skills of people other than the parents is profound and an important part of a healthy childhood (sadly missing in many a child's life today). Children are encouraged to participate in daily activities as valuable learning and at Kanjini Co-Op we plan to have areas dedicated as children and youth spaces where the children and youth will be invited to participate in the decision making process affecting their communal spaces.
If I join now, what happens to my share money until Kanjini Co-Op purchases land?
All membership capital is invested in a high interest earning account (currently 5.5% for three month term deposit). All interest earned on share capital until settlement day for a property will be returned to early shareholders as dividends at the time when we buy a property. This is so that people committing early will not be penalised for that, but will hopefully earn a higher interest then they can earn by themselves because together we can invest much more and thus attract a better interest rate.
Can my children inherit my share?
Yes your children not only can but will inherit your share (unless you write them out of your will). However if you have more than 1 child the share cannot be split into half shares (see above). You may want to specify in your will which child shall get the share, or that the share shall be sold and the proceeds divided, or that the share capital shall be allocated as deposit for two or three shares.
According to Kanjini Co-Op Rules - 24 (2) Subject to section 167(1) of the Act the board must transfer the deceased member’s share or interest in the cooperative to:
- the personal representative of the deceased, that is, an executor or administrator of the estate of a deceased member; or
- to such person the deceased personal representative may specify, in an application made to the cooperative within 3 months after the death of the member.
The person to whom the share is transferred will not have any voting rights until (s)he is accepted by the Co-Op as a member and has fulfilled her/his trial period.(Rules 24 (3))
If the Cooperative chooses for some reason to not accept the beneficiary of the estate as members, it will have to buy back the deceased members shares (Rules 24 (1)).
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