1. Short title: This Act may be cited as the Co-operative Associations Act.
2. Interpretation: In this Act, "association" means a co-operative association incorporated under this Act, "articles of association" means the articles of incorporation of an association, and "Inspector" means the Inspector of Co-operative Associations.
3. Purpose of Act: The purpose of this Act is to provide a framework for the incorporation, governance, and operation of co-operative associations in Nova Scotia.
4. Application of Act: This Act applies to all co-operative associations incorporated under this Act, except as otherwise provided.
5. Administration: The Inspector is responsible for administering this Act and ensuring compliance with its provisions.
6. Incorporation: An association may be incorporated by filing articles of association with the Registrar, who shall register the association and issue a certificate of incorporation.
7. Association limited by shares: An association may be incorporated as a company limited by shares, with the shares being transferable and divisible.
8. Association limited by membership: An association may be incorporated as a company limited by membership, with the members having the right to participate in the management and control of the association.
9. Signing of articles of association: The articles of association must be signed by at least two natural persons, who must be members of the association.
10. Names: The name of an association must be approved by the Registrar, who shall ensure that the name is not identical or similar to an existing name.
11. Approval of articles of incorporation: The articles of incorporation must be approved by the Registrar, who shall ensure that they comply with the requirements of this Act.
12. Registration of articles of incorporation: The articles of incorporation must be registered with the Registrar, who shall issue a certificate of incorporation.
13. Certificate of incorporation: The certificate of incorporation must be signed by the Registrar and must contain the name and date of incorporation of the association.
14. Articles and by-laws bind association and members: The articles of incorporation and by-laws of an association bind both the association and its members.
15. Powers of association: An association has the power to carry on any business or activity that is not prohibited by law.
16. Powers of natural person: A natural person who is a member of an association has the power to participate in the management and control of the association.
17. Articles of incorporation: The articles of incorporation of an association must contain the name and date of incorporation of the association, the purpose of the association, and the powers of the association.
18. Amendment of articles of incorporation: The articles of incorporation of an association may be amended by a special resolution of the members.
19. Change of name: An association may change its name by filing a new certificate of incorporation with the Registrar.
20. Preference shares: An association may issue preference shares, which must be fully paid up and must have a fixed rate of dividend.
21. Regulations and by-laws: An association may make regulations and by-laws for its governance and operation.
22. Registered office: An association must maintain a registered office in Nova Scotia, which must be open to the public during business hours.
23. Notice to Inspector and Registrar: An association must notify the Inspector and Registrar of any changes to its articles of incorporation or by-laws.
24. Membership, shares and loans: An association must maintain a register of its members, shares, and loans.
25. Application for membership: An individual may apply for membership in an association by submitting an application to the association.
26. Money payable as debt due: Any money payable by a member to an association is a debt due to the association.
27. Shares paid for by instalment: Shares in an association may be paid for by instalment, with the instalments being due on the dates specified in the articles of incorporation.
28. Designation of beneficiary: A member of an association may designate a beneficiary to receive any property or assets of the association in the event of the member's death.
29. Withdrawal or exclusion of members: A member of an association may withdraw or be excluded from the association in accordance with the articles of incorporation or by-laws.
30. Meetings of members: An association must hold meetings of its members at least once a year, with the meetings being open to all members.
31. Virtual meetings: An association may hold virtual meetings, with the meetings being conducted by electronic means.
32. Voting, delegates and books: An association must maintain a register of its members, shares, and loans, and must provide a copy of the register to the Inspector and Registrar.
33. Filing of special resolution: An association must file a copy of any special resolution with the Registrar.
34. Registers and records: An association must maintain accurate and up-to-date registers and records of its members, shares, and loans.
35. Examination: The Inspector may examine the registers and records of an association to ensure compliance with this Act.
36. Preservation and maintenance: An association must preserve and maintain its registers and records for a period of at least 10 years.
37. Board of directors: An association must have a board of directors, which must be responsible for the management and control of the association.
38. Contracts: An association may enter into contracts with its members or other parties, with the contracts being subject to the approval of the board of directors.
39. Borrowing from members: An association may borrow money from its members, with the borrowing being subject to the approval of the board of directors.
40. Distribution of earnings or assets: An association must distribute its earnings or assets in accordance with its articles of incorporation or by-laws.
41. Investment of patronage rebates: An association may invest its patronage rebates in accordance with its articles of incorporation or by-laws.
42. Lending of patronage rebate: An association may lend its patronage rebates to its members or other parties, with the lending being subject to the approval of the board of directors.
43. Distribution of gains: An association must distribute its gains in accordance with its articles of incorporation or by-laws.
44. Audits and financial records: An association must maintain accurate and up-to-date financial records, and must have its financial records audited annually.
45. Appointment, removal and report of auditor: An association must appoint an auditor, who must report on the financial records of the association.
46. Books of account and audited financial statements: An association must maintain accurate and up-to-date books of account, and must provide audited financial statements to the Inspector and Registrar.
47. Statement sent to Inspector: An association must provide a statement of its financial position to the Inspector and Registrar.
48. Amalgamation: Two or more associations may amalgamate to form a new association, with the amalgamation being subject to the approval of the Inspector and Registrar.
