My Recreational Mountain Co-Operative:
Memorandum of Association

1. The name of the Co-operative is My Recreational Mountain Co-operative (“the Co-operative”).
   
   
2. The purposes of the Co-operative are:
   
   
   • To own and operate a skiing facility near Terrace, British Columbia, commonly known as Shames Mountain.
   • To provide recreational opportunities to the public;
   • To enhance the health of the people in the communities served by the Co-operative;
   • To provide a public amenity that enhances the quality of life in the communities served by the Co-operative;
   • To offer programs to members of the public who require assistance in order to take part in the activities offered at Shames;
   • To cooperate with governments and with other organizations with complementary purposes;
   • To receive and invest money, hold tenures, own property, and enter into contracts in order to further the purposes of the Co-operative;
   • To carry out all activities necessary to further the purposes of the Co-operative.
     
     
3. The Co-operative is a Community Services Co-operative as provided for by Section 178.1 of the British Columbia Co-operative Association Act.
   
   
4. The activities and purposes of the Co-operative must be carried on without purpose of gain for its members, and any income, profits or other accretions must be used to promote the purposes of the Co-operative.
   
   
5. Directors must not be remunerated for acting as directors, but a director may be reimbursed for expenses necessarily and reasonably incurred while engaged in the affairs of the Co-operative.
   
   
6. In the event of the winding-up or dissolution of the Co-operative, all the assets of the Co-operative remaining after the payment or satisfaction of its liabilities, including the remuneration (if any) of a liquidator, payment to employees of the Co-operative of any arrears of salaries or wages, and payment of any debts of the Co-operative, must be given to organizations that are registered charities as described in the income Tax Act (Canada), or that are Community Services Co-operatives, and that:
   
   
   • have purposes similar to those of the Co-operative, or
   • are designated by the members of the Co-operative at the time of winding-up or dissolution.
     
     
7. The Co-operative is not permitted to issue investment shares.
   
   
8. Sections 3, 4, 5, 6, 7 and this section 8 are unalterable.
   
   
9. The Co-operative is permitted to issue an unlimited number of membership shares with a par value of $1
   
   
10.  The liability of a member is limited in accordance with the Act.

A full list of our Cooperative Rules can be found here.