Membership in the Rainbow Housing Co-operative Ltd. shall be open to all those of the age of majority and older (unless otherwise approved by the Board) indicating a need of its services, an understanding and acceptance of its objectives, and a willingness to abide by the co-operative principles.
Applicants for membership or joint membership in the co-operative shall apply in the form prescribed by the directors.
a) At the time of occupancy, unless other arrangements for payment are approved by the directors, those members or joint members completing occupancy agreements shall be required to purchase twelve hundred shares in the co-operative, each share having a par value of one dollar ($1.00).
b) The method of the collection of monies for the purchase of the required shares shall be, determined by the Directors.
c) When all units have been allocated, the membership of those not accommodated in the co-operative shall be terminated. From that time forward, membership shall be contingent upon residence in the co-operative.
d) The co-operative shall, within fifteen (15) days, refund all shares, at par value, to all whose memberships were terminated.
e) A member, who does not move into a unit and is not refunded his/her initial share capital may appeal this decision and, where circumstances warrant, the co-operative shall refund this share capital within fifteen (15) days of a successful appeal.
In addition to the provision of Bylaw No. 2 the number of shares required to be purchased by members in the future may be determined by the Board of Directors, from time to time.
Applicants for membership shall be approved or rejected by the Board of Directors of the Co-operative, and their decision recorded in the minutes.
Two or more persons who intend to reside in the same unit in the co-operative shall apply for joint membership as joint owners. Each member of the joint membership shall have one vote.
The owner of a share in the co-operative shall dispose of that share only to the co-operative for a price equal to the amount paid for that share on its purchase by the owner.
Members shall be required to sign an occupancy agreement with the Rainbow Housing Co-operative Ltd. before occupying a unit in the co-operative.