As a general description, the underlying
premise of a co-operative is open, voluntary
membership where members accept
responsibilities of membership in return for
services provided by the co-operative.
Co-operatives are free to define their
own membership conditions as well as member
rights and responsibilities provided that
they comply with provincial legislation (if
applicable). Co-operatives include a wide
variety of uses. Worker co-ops are
businesses owned and operated by the
employees as members. Co-ops are also
frequently formed to provide business and
consumer services to members. Childcare
co-operatives provide a vehicle for parents
as members to have some degree of control in
the administration of the child care
facility.
For real estate purposes, the
co-operative can provide affordable housing
while permitting resident members the
opportunity to have a say in the upkeep and
management of their residence. As a general
description, a housing co-operative is a
corporation that owns real estate, usually a
multi-family dwelling, including the
building and land on which it is built.
Shareholders do not own their units but have
the right to live in them. The main purpose
and general activities of such a
co-operative housing corporation are to
provide living accommodation to its
shareholders along with a legal mechanism
for joint ownership.
Under a co-operative, a corporation is
formed to own the real property. The
shareholders of the company each own a share
of the company and do not own their units,
but are given occupancy rights by the
corporation under tenancy agreements.
Corporate law, the shareholders’ agreement,
provincial tenancy legislation, and the
occupancy arrangements determine the rights
of the parties. Co-operatives are subject to
provincial legislation.
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