How you can become a member
Any adult or legal entity, public or private, can become a member of Sifnos Island Cooperative (SIC) on the condition that the interested party meets the requirements of SIC’s constitution and the applicable Greek Legislation for becoming a member in a Civil Cooperative.
For the registration of a member, a written application is needed in which it will be declared that he/she accepts the provisions of SIC's constitution which is in accordance with Greek legislation.
Membership Registration fee and Cooperative shares value
As provisioned in SIC’s Constitution, applicants who wish to become members are required to remit to Sifnos Island Cooperative a one-time registration fee of 60 € and the value of one cooperative share with the possibility to acquire another five optional shares (in total 6 cooperative shares is the current limit provisioned by the applicable Greek legislation).
The value of each cooperative share is currently 700€. The registration fee and the total value of the cooperative shares that a membership applicant wishes to acquire are remitted to the Cooperative together with the membership application which is submitted to the Cooperative’s Governing Board for approval.
In the Cooperative’s General Assembly meetings each partner member has ONE vote only, irrespectively of the number of shares to be acquired.
What is the surplus value and how it affects the value of the cooperative share
At the beginning of each year the Governing Board will determine the amount of surplus value that will be valid for the entire year, according to the financial conditions and the existing, each time, net assets of the cooperative. Existing partners, wishing to acquire optional shares, will have to also pay the surplus value for each optional share they wish to acquire.
So, if for example the Cooperative acquired new facilities with value 40.000.000 € (value of the hybrid plant) and has 400 cooperative shares (400 X 700 € = € 280.000), the surplus value of the Cooperative is (40,000,000-280,000) 39.72 million €. In this case, the surplus value of each share is (39.720.000: 400) 99,300€ and the cost of every new share would be (share value + surplus value) 700 + 99,300= 100,000€.
The value of each cooperative share for the year 2020 is 700€.
FAQ
- Where can I get my registration?
To register, please contact Sifnos Island Cooperative, email:
- I want to become a partner, but I can at this moment allocate 760€. Is there another way?
Yes. You may by submitting the registration form only pay the value of the registration fee (60 €) and then pay for the value of the share by deposits of two equal monthly installments of 350€, or seven equal monthly installments of 100€.
- Why buy a share now and not wait until the Sifnos Hybrid Station project is complete and starts bearing profits?
You can join whenever you want. But when the construction of the Hybrid Station starts, the value one would have to pay for the purchase of each share will be much greater as it will depend upon the amounts that would have been incorporated into the Cooperative’s assets each previous year.
For example, if the number of cooperative shares by the time the construction is completed is 500, the value of each new share will be 80,000€ and if the shares are 1,000, then the value of each new share will be approximately 40,000€. Today, the value of each cooperative share is only 700€.
- What happens to the profits? Who makes the decisions?
All major decisions of Sifnos Island Cooperative, such as distribution of profits, are made, in accordance with the statutes, by the General Assembly. At the General Assembly all members have equal voting rights (each member has one vote, regardless of the number of shares available).
- If something goes wrong, what is my financial responsibility as a member?
Based on Greek law and the statutes of the Cooperative, the members financial responsibility is limited to the value of shares they have acquired (Limited Partnership). None of the Cooperative debt can be claimed by its members.
