Thank you, Mr. Chair. The Standing Committee on Social Programs conducted its public review of Bill 64, An Act to Amend the Co-operatives Association Act, on September 15, 2015. A clause-by-clause review was conducted the same day and the committee thanks the Minister and his staff for presenting the bill.
Bill 64 amends the Co-operatives Associations Act to define the essential characteristics of the co-operative enterprise and improve procedures for incorporation, naming, amalgamation and continuance of co-operative associations. The bill clarifies the responsibilities of directors and members and streamlines the regulatory requirements.
During the course of the review, the Minister agreed to consider the committee’s request for motions to be drafted to amend the bill. The intent of the motions amending each of subclause 26(3) and 34(3) is to accomplish the objective of ensuring that co-operative associations can avail themselves of the services of credit unions as well as banks.
The intent of the motion amending clause 13 of the bill provides limitations to the criteria set out in the bill under which it is permissible for directors to delay the redemption and repayment of monies owing to a person whose membership in a co-operative association is terminated. The committee felt, and the department agreed, that the addition of these limitations improved the bill by better balancing the interests of the co-operative association against those of a terminated member. It was agreed that these three motions will be moved today during our Committee of the Whole considerations of the bill. This was done to exponentially allow the standing committee a clause-by-clause review to proceed at the September 15thmeeting without causing any undue delays.
Upon the committee’s review, a motion was carried to report Bill 64, An Act to Amend the Co-operative Associations Act, to the Assembly as ready for consideration in Committee of the Whole.
This concludes the committee’s opening comments on Bill 64. Individual Members may have questions or comments as we proceed. Thank you.