There are 5 basic key principles:
1. There has to be at least 3 initial founders.
2. All shares are to be subscribed and the shares can be held by anyone, however the shareholders should comprise of various sectors (5 collaborative parties)
3. The number of company directors should be approximately 5-10 to be jointly appointed by the public, academia, civil society and citizens sectors
4. A meeting in setting-up the Company must be held, with clear report of meeting resolutions and proper meeting minutes taken.
5. The company must be registered as a Company Limited at the provincial commerce office and registration of shareholders issued.
6. The initial called-up capital must be at least 1/4 of the Registered Capital.
The Company's 5 Key Principles:
1. Creates balance of power for everyone of all groups with ceiling limits of equal voting rights to everyone of all sectors.
2. Creates transparency and avoids conflicts of interests
3. Clear measurement of Company's performance, with 3-5 key performance indicators, e.g.
4. Select 5-10 directors who are capable and good citizens to help determine the Company's directions and work.The directors should come from each of the various sectors, in equal combination and should be knowledgeable with time available for the Company's business as well as possessing the following 3 qualities: honest, willing to sacrifice and good relationships within the community.
5.The Company's capital is to be spent for the community's benefits with no dividends payment to be made to shareholders.
The Company's capital and profits should be utilized on the following 3 matters:
