Frequently Asked Questions
How is the co-op managed?
As resident members we control the affairs of the co-operative democratically. Each year we elect from amongst ourselves a Board of Directors to handle the day-to-day administration of the co-operative. Various management tasks are looked after by volunteer committees. These include selecting new members, budgeting and maintaining the building. The whole membership meets to vote on policy. Members enjoy equal rights of voting and each member 16 and over has one vote.
How much does it cost?
There is a $5.00 lifetime membership fee for each person in the household who is 16 and over.
Increases are geared strictly to increases in cost of maintaining the co-operative. These costs are determined by the co-operative’s finance committee and Board of Directors then approved by the general membership.
When you move in, you should expect to pay the first and last month’s housing charge.
You will also have to pay a “maintenance guarantee” equal to 50% of one month’s housing charge when you move in. This is refundable when you move out if your unit is left in good condition.
Is there a lease?
Each member of the co-operative is required to sign an occupancy agreement with the co-operative corporation. This is a legal agreement which sets out the terms under each party (the Member and Co-operative) must operate. It differs from a lease in that there is no time period associated with it. It remains binding as long as the member remains in the co-operative. In order to leave the co-op, the member must give two months’ notice. The co-operative then finds another member to take over the unit.
What are the co-op laws?
The Co-op, just like any other society, needs to have a legal framework. Our laws fall under the headings of Articles of Incorporation, By-laws, Policies, and Rules and Regulations. All of these may be changed from time to time by the members of the co-op. However, they must comply with various provincial statutes and any legal agreements that the co-op has.