Canada Cooperatives Act
78 (1) A person is not qualified to be a director if the person
(a) is not an individual;
(b) is less than eighteen years of age;
(c) is of unsound mind and has been so found by a court in Canada or elsewhere; or
(d) has the status of bankrupt.
Marginal note:Additional qualifications
(2) A cooperative may provide in its by-laws for qualifications or disqualifications of directors in addition to those in subsection (1).
Marginal note:Status of directors
(3) Unless Part 21 applies to a cooperative, a majority of the directors must be individuals who are not full-time officers or employees of the cooperative.
Marginal note:Resident in Canada
(4) At least twenty-five per cent of the directors must be resident in Canada. However, if the cooperative has only three directors, at least one director must be resident in Canada.
Marginal note:Member election
(5) Subject to subsections 124(3) and (4), all directors are to be elected by the members.
- 1998, c. 1, s. 78
- 2001, c. 14, s. 159
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