My Recreational Mountain Co-Operative:
Memorandum of Association
- The name of the Co-operative is My Recreational Mountain Co-operative (“the Co-operative”).
- 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.
- The Co-operative is a Community Services Co-operative as provided for by Section 178.1 of the British Columbia Co-operative Association Act.
- 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.
- 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.
- 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.
- The Co-operative is not permitted to issue investment shares.
- Sections 3, 4, 5, 6, 7 and this section 8 are unalterable.
- The Co-operative is permitted to issue an unlimited number of membership shares with a par value of $1
- The liability of a member is limited in accordance with the Act.