Mr. Chairman, recently the Department of Economic Development and Tourism, in conjunction with the Department of Justice, introduced legislation in support of changes to the NWT Cooperative Associations Act.
In order to encourage the formation and growth of northern cooperatives, the Cooperative Associations Act requires certain amendments. Our co-ops need to have improved access to capital in order to expand. In addition, procedures need to be put in place that simplify and streamline the set-up and running of cooperatives.
The amendments presented today will enable our cooperatives to raise needed capital by amending their share structure to allow for preferred shareholders while maintaining control at the local level. These amendments will also update the wording of the act and remove administrative processes which have been bureaucratic and redundant.
During the Standing Committee on Legislation's review of these amendments, two motions were made to revise the proposed act. The first motion moved that the Minister of Justice may appoint a registrar of cooperative associations to carry out the duties set out in this act. The second motion moved that the Minister responsible for Economic Development and Tourism may appoint the supervisor of cooperative associations to carry out the duties set out in this act. The department is pleased to support these motions.
Mr. Chairman, these amendments allow the people of the Northwest Territories to have a direct say in their economic future. When the people in our communities are working together, as they do in local cooperatives, many of the problems that they face can be solved locally and in a manner consistent with the desires of the community, itself. Thank you, Mr. Chairman.