C-67.2 - Cooperatives Act

Section 4 Disposition versions

2005-11-17

4. The rules of cooperative action are as follows:

(1)  membership of the cooperative is subject to the member actually using the services offered by the cooperative and to the cooperative’s ability to provide him with them;

(2)  no member is entitled to more than one vote, irrespective of the number of shares held, or to vote by proxy;

(3)  the payment of interest on the capital stock must be limited;

(4)  a reserve must be established;

(5)  the surplus earnings or operating surplus must be allocated to the reserve and to rebates to members in proportion to the business carried on between each of them and the cooperative, or to other accessory purposes determined by law;

(6)  cooperation must be promoted among the members, between the members and the cooperative and between the cooperative and other cooperative organizations;

(7)  the training of the members, directors, executive officers and employees of the cooperative in the field of cooperation must be promoted and the public must be informed of the nature and advantages of cooperation;

(8)  cooperatives must support development efforts in their community.

1982, c. 26, s. 4; 1995, c. 67, s. 2; 2003, c. 18, s. 3.

1997-02-14

4. The rules of cooperative action are as follows:

(1)  membership of the cooperative is subject to the member’s using the services offered by the cooperative and to the cooperative’s ability to provide him with them;

(2)  no member is entitled to more than one vote, irrespective of the number of shares held, or to vote by proxy;

(3)  the payment of interest on the capital stock must be limited;

(4)  a reserve may be established;

(5)  the surplus earnings or operating surplus must be allocated to the reserve or to rebates to members in proportion to the business carried on between each of them and the cooperative, or to other accessory purposes determined by law;

(6)  co-operation must be encouraged between the members and the cooperative, and among cooperatives;

(7)  the cooperative education of the members, executive officers and employees of the cooperative must be promoted.

1982, c. 26, s. 4; 1995, c. 67, s. 2.

1983-12-21

4. The rules of cooperative action are as follows:

(1)  membership of the cooperative is subject to the member’s using the services offered by the cooperative and to the cooperative’s ability to provide him with them;

(2)  no member is entitled to more than one vote, irrespective of the number of shares held, or to vote by proxy;

(3)  the payment of interest on the capital stock must be limited;

(4)  a reserve must be established that is not distributable to members even on winding-up;

(5)  the surplus earnings or operating surplus must be allocated to the reserve and to rebates to members in proportion to the business carried on between each of them and the cooperative;

(6)  co-operation must be encouraged between the members and the cooperative, and among cooperatives;

(7)  the cooperative education of the members, executive officers and employees of the cooperative must be promoted.

1982, c. 26, s. 4.