A-24 - Cooperative Associations Act

Full text
5. Cooperative associations shall operate in accordance with the following rules of cooperative activity:
(a)  the number of members shall not be limited;
(b)  a member shall have one vote only, whatever the number of shares that he holds, and shall not vote by proxy;
(c)  interest on common shares shall be limited;
(d)  the annual operating surplus shall be paid into the general reserve or apportioned or credited to members proportionately to the business carried on by each of them with the association.
R. S. 1964, c. 292, s. 5; 1970, c. 58, s. 2.