Last Updated:
March 3, 2022
by
Nels Anderson
| Version: 5
| 149 views
| 1 follower
members are following updates on this item.
Rule 2: Eligibility for membership
2.1 Membership
A person who is at least 18 years old may be admitted as a member by submitting a written application, a subscription for the purchase of shares of the Co-op (which must not be less than one share), and any required payment for shares, each as set by the Directors from time to time.
2.2 One member per Unit
There shall be only one member per Unit.
2.3 Approval by the Directors
The Directors may, in their discretion, approve or refuse any application for membership or may postpone making a decision about any application for membership.
2.4 Eligibility for membership
Subject to these Rules, eligibility for membership in the Co-operative is open in a non-discriminatory manner to individuals that are able to fulfill the responsibilities and conditions of membership.
2.5 Effective date of membership
Membership is effective when:
(a) Directors approve the application for membership;
(b) The applicant complies with the occupancy requirement of Rule 2.7; and
(c) The applicant purchases the required shares.
2.6 Number of shares to be held
The Co-op, by special resolution, may change the minimum number of shares a member must hold. If the minimum number of shares is increased by special resolution, each member is deemed to have subscribed for the increased number of shares and must make any required additional payments for the shares.
2.7 Membership limited to occupants
Membership in the Co-op is limited to persons who live in the Unit in the Co-op on a full-time basis as their principal residence, however, the Directors may exempt, in their discretion and upon the terms they see fit, an existing member from the application of this Rule.
2.8 Number of Units to be occupied by members
A minimum of 75% of all Units of the Co-op must be occupied by members of the Co-op, unless the Co-op changes the number of Units by an ordinary resolution.
2.9 CHF BC is a member
Despite Rule 2.7, the Co-operative Housing Federation of British Columbia (CHF BC) is a member of the Co-op. (removed by May 8th, 2019 Special Resolution)
Viewed 149 times