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.

• Marginal note:Certificates

  (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, lien or hypothec 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.