Part 18 — Specific Cooperatives Division 1 Housing Cooperatives
392 Non-profit continuing housing cooperatives
389, the articles of a non-profit continuing housing cooperative
must provide that
(a) the cooperative is a non -profit continuing housing
cooperative subject to this Act;
(b) the cooperative is to provide housing or housing-related
facilities and ancillary services and facilities to individuals
the majority of whom
(i) are members of the cooperative,
(ii) are ordinarily resident in housing units, and
(iii) occupy the housing units otherwise than as individual
owners.
(2) In addition to the requirements of the regulations made under
section 9(1), a non-profit continuing housing cooperative must
make bylaws
(a) respecting any obligation of a member to provide capital t o
the cooperative and the manner in which the capital is to be
contributed;
(b) governing the procedure for determining disputes between
members and between members and the cooperative,
including the requirement for a mediation process;
(c) subject to section 395, governing the manner in which the
membership of a member may be terminated;
(d) governing the method for calculating the value of a
member's shares on the member's withdrawal from the
cooperative or on the termination of membership and on
dissolution of the cooperative and the manner in which that
value is to be repaid;
(e) subject to the regulations, providing for the establishmen t of
adequate reserves as good cooperative business practices
dictate;
(f) governing the period of notice to be given to the members of
a meeting at which the budget and housing charges will be
considered;
(g) respecting the requiremen ts for circulation of a budget;
(h) governing the powers of the directors to set housing charg es
where a resolution setting housing charges cannot be
approved by the members;
(i) respecting whether a meeting of members is required to
approve admission into membership;
(j) respecting the nature and extent of the power of the direc tors
to borrow;
(k) governing the rules for occupation of member units by
non-members;
(l) providing for the cooperative's requirements regarding lea se
or rental of a housing unit occupied by a member.