Canada Cooperatives Regulations

23.7 (1) For the purpose of subsection 58(2.1) of the Act,

• (a) the prescribed number of investment shares is the number of voting investment shares

  • (i) that is equal to 1% of the total number of the outstanding investment shares of the cooperative, as of the day on which the shareholder submits a proposal, or

  • (ii) whose fair market value, as determined at the close of business on the day before the member submits the proposal to the cooperative, is at least $2,000; and

• (b) the prescribed period is the six-month period immediately before the day on which the person other than a member submits the proposal.

(2) For the purpose of subsection 58(2.4) of the Act,

• (a) a cooperative may request that the person who submits a proposal provide the proof referred to in subsection 58(2.1) within 14 days after the cooperative receives the proposal; and

• (b) the person who submits the proposal shall provide the proof within 21 days after the day on which the person receives the cooperative’s request or, if the request is mailed to the person, within 21 days after the postmark date stamped on the envelope containing the request.

(3) For the purpose of subsection 58(3) of the Act, a proposal and a statement in support of it shall together consist of not more than 500 words.

(4) For the purpose of paragraph 58(4)(a) of the Act, the prescribed period is the 60-day period that begins on the 150th day before the anniversary of the previous annual meeting of members.

(5) For the purpose of paragraph 58(4)(c) of the Act, the prescribed period before the receipt of a proposal is two years.

(6) For the purpose of paragraph 58(4)(d) of the Act, the prescribed minimum amount of support for the proposal of a member or shareholder is

• (a) 3% of the total number of shares or investment shares voted, if the proposal was introduced at an annual meeting of members or a meeting of shareholders;

• (b) 6% of the total number of shares or investment shares voted at its last submission to members or shareholders, if the proposal was introduced at two annual meetings of members or at two meetings of shareholders; and

• (c) 10% of the total number of shares or investment shares voted at its last submission to members or shareholders, if the proposal was introduced at three or more annual meetings of members or three or more meetings of shareholders.

(7) For the purpose of paragraph 58(4)(d) of the Act, the prescribed period is five years.

(8) For the purpose of subsection 58(4.1) of the Act, the prescribed period during which the cooperative is not required to include a proposal in the notice of a meeting is two years.