Canada Cooperatives Act
Marginal note:Issue of certificates
119 (1) The by-laws of a cooperative may provide that no membership share certificates or certificates in respect of member loans need be issued. If the by-laws provide that no such certificates need be issued, the cooperative must, on the request of a member, issue a statement of the number of membership shares held by, or the amount of any member loan of, the member.
(2) The face of each certificate that the cooperative issues in respect of membership shares or member loans after the coming into force of this section must contain
(a) the name of the cooperative;
(b) a statement that the cooperative is subject to this Act;
(c) the name of the person to whom it is issued;
(d) a statement that the certificate represents membership shares in, or member loans to, the cooperative, and the number of the membership shares or the amount of the member loan;
(e) a statement that the certificate is not transferable without the approval of the directors; and
(f) a statement that there is a charge on the membership shares or member loans represented by the certificate in favour of the cooperative for any indebtedness of the member to the cooperative.
Marginal note:Certificate of membership
(3) Each member is entitled to a certificate of membership.
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