Mr. Speaker, I move, seconded by the honourable Member for Keewatin Central, that Bill 7, An Act to Amend the Co-operative Associations Act, be read for the second time.

Mr. Speaker, this bill amends the Co-operative Associations Act to provide that the Minister instead of the Commissioner is to receive inquiry reports, action inquiry reports and approve the registration of a federation of co-operatives. The bill makes the process for application for registration of an extra-territorial co-operative association and an amalgamated co-operative association similar to the incorporated process.

This bill also allows the issuance of restricted preferred shares and sets out the procedure for electing directors to represent those shareholders, the bill removes the requirement for the members of the co-operative association to sign the standard by-laws and streamlines the registration process for by-laws. The bill also removes the requirement for the registrar to publish a notice two months before dissolving a co-operative association.