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| Guide to Co-operative Housing |
Forming and Running a Housing Co-Op
Understanding the Key Elements
A co-op is a corporation that is governed by the co-op act of the province or territory where the co-op is located. Most housing co-ops in Canada are not-for-profit corporations. As such members are not entitled to distribute dividends or share in the profits of the co-op.
As a corporation, housing co-ops must:
file an annual return to their Province/Territory;
have meetings; and
elect a board of directors.
In a co-op, decisions are made democratically by the members. A majority of the members must support a decision for it to be approved. Therefore:
when we speak of co-op obligations to its members we are speaking of the collective membership of the co-op; and
when we speak of member obligations to the co-op we are speaking of the obligations of an individual member to his or her co-op.
As member-run organizations there are several ways that the members become involved with the co-op. This section provides an overview of their main responsibilities as a group.
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