Part 1 — Incorporating a Cooperative Division 1 Application to Incorporate
5 Contents of articles of incorporation
and must contain the following particulars:
(a) the name of the cooperative;
(b) repealed 2022 c16 s3(5);
(c) the name and residential address of each of the
incorporators;
(d) the number of directors or the minimum and maximum
numbers of directors;
(e) any restriction on the business that the cooperative may
carry on;
(f) any restriction on the c lass of membership in the
cooperative;
(g) a statement that the coop erative will be organized and
operated, and will carry on business, on a cooperative basis;
(h) whether the cooperative is to be incorporated with or
without membership share capital;
(i) if there is to be members hip share capital, whether the
number of membership shares to be issued is unlimited or
limited and, if limited the maximum number of membership
shares that may be issued and, if the membership shares are
to have a par value, their par value and, if they are not to
have par value, whether the membership shares are to be
issued, purchased, redeemed or otherwise acquired at a fixed
price or at a price determined in accordance with a formula
and, if a formula is used, the particulars of the formula;
(j) any provision for a maximum rate of return that may be pai d
on member loans;
(k) any provision for a maximum dividend that may be paid on
membership shares;
(l) whether there is to be investment share capital and, if so , the
particulars of it;
(m) - (o) repealed 2022 c16 s3(5);
(p) any provisions for the distribution of the property of the
cooperative on its dissolution;
(q) any provision by which the members, other than by means
of a unanimous agreement, may restrict, in whole or in part,
the powers of the directors to manage the business of the
cooperative;
(r) any provisions for the tran sfer of a member interest as
defined in section 48(1);
(s) anything else that is required by the regulations.
(2) Repealed 2022 c16 s3(5).
(3) The articles or a unanimous agreement may, in order to effect
an action, require a greater number of votes of directors, members
or investment shareholders than is required by this Act to effect the
action.
2001 cC-28.1 s5;2022 c16 s3(5)