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October 29, 2019
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Matt Dolf
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Rule 24: Finances
24.1 Security may be required
Every Director, officer, member, or employee of the Co-op having receipt or charge of money must, before entering upon their duties, give such security as may from time to time be deemed necessary by the Directors.
24.2 Non-disclosure of personal financial information
Every Director, officer, member, agent, or employee of the Co-op must not disclose personal financial information pertaining to a member, prospective member, or tenant to any person except:
[a] Directors, officers, committees, employees, agents, managers, or advisors of the Co-op for use in connection with their official duties;
[b] those legally entitled to the information; and
[c] at a general meeting at which a member is appealing a decision of the Directors of the Co-op to terminate the member’smembership and a ground of termination is the failure of the member to pay money due to the Co-op or a breach of a material condition relating to financial information to be provided to the Co-op.
24.3 Borrowing powers
The Directors may, at their discretion, raise or borrow money for the purposes of the Co-op, on behalf of the Co-op, and secure payment thereof in any manner which they see fit, whether by charge upon any or all of the assets of the Co-op, both real or personal, present or future, or otherwise.
24.4 Restrictions
If any security proposed to be given in the exercise of the borrowing powers described in Rule 24.3 is intended to charge the whole or substantially the whole of the undertaking of the Co-op, the borrowing power must not be exercised by the Directors without the authority of a special resolution.
24.5 Raising money in an emergency situation
Notwithstanding Rule 24.6, the Directors from time to time, if in their opinion an emergency exists for which additional funds are required, may levy and collect an additional sum from each member to raise the additional funds to meet the emergency and the same must be payable by the member upon notice to the member.
24.6 Other approved levy
If the members of the Co-op, by ordinary resolution at a general meeting of the Co-op, approve a levy to raise additional funds for any purpose, the Directors may levy and collect an additional sum from each member and the same must be payable by the member upon notice to the member.
24.7 Uniform application of levies
All levies under Rule 24.5 and Rule 24.6 shall apply uniformly to all members without preference, but may be prorated in accordance with the number of shares for which the member has subscribed.
24.8 Levy constitutes a debt due
Upon notice to a member of the levy under Rule 24.5 or Rule 24.6, the same shall constitute a debt due from the member to the Co-op payable on demand.
24.9 Investment powers
The Directors must invest and deal with any part of the funds of the Co-op in such manner as they think fit provided that the Directors must not invest any part of the funds of the Co-op other than:
[a] in a security or class of securities in which trustees are permitted to invest trust funds under the Trustee Act, or
[b] by deposit in a savings institution in which deposits may be made by trustees under the Trustee Act.
24.10 Requirement for auditor
An auditor or firm of auditors, meeting the qualifications provided in the Act, must be appointed by the Co-op by ordinary resolution at every Annual General Meeting, but if an appointment is not made at that meeting, the auditor in office continues as auditor until a successor is appointed.
24.11 Restriction on who may be auditor
No Director, officer, or member of the Co-op may be appointed or may act as auditor.
24.12 Provisions of the Act in respect of the auditor
The Co-op must comply with the other provisions in respect of the auditor as set out in the Act.
24.13 Accounting records
The Directors must cause accounts to be kept in accordance with the Act.
24.14 Location of books of account
Subject to Rule 24.2, the books of accounts must be kept at the registered office of the Co-op, but may be kept at such other place or places as the Directors see fit, and shall at all reasonable times be open to the inspection of the Directors and members.
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