What is a Co-operative?

A co-operative is a business owned by its members. It is created to provide services and products members need. A co-operative is a democratic organization – each member has a single vote, regardless of his/her investment in the co-operative, or his/her purchases from the co-operative.

Members elect a board of directors from among themselves to govern the co-operative. The board sets policies and hires a general manager to run the day to day activities of the co-operative. The board meets regularly to review operations and management reports.

Co-operatives uphold certain other principles including concern for community, educating the public and youth about co-operative values, voluntary and open membership, and autonomy.

Become a member of North Wellington Co-operative Services
When you become a member of North Wellington Co-operative Services, you have a say in a business you own. You are able to vote on motions at the annual general meeting, and special general meetings called by the president. You elect a board of directors to give your co-operative direction. Additionally, you are entitled to receive patronage dividends (rebates on purchases you have made with the co-operative), as they are declared by the board of directors.

Members receive an annual report to keep them informed of the operational progress and financial performance of the co-operative.

A lifetime membership in North Wellington Co-operative Services is $10 (non refundable.) Dividends that a member earns are put toward a $500 member loan in the co-operative or credited to their deferred patronage account.

You can also become a member by directly making a membership loan of $500, on which six per cent is paid on Sept. 30 annually. Member loans strengthen the member equity position of the co-operative. Members who have made membership loans of $500 (or more) earn dividends in cash and/or stock on their purchases, as declared by the board of directors. The member loan is refunded when the member reaches 70 years of age. However, many members, once they turn 70, advise the co-operative to keep the loan because they still use the co-operative.

How to become a member
Anyone who is interested in joining North Wellington Co-operative Services pays a membership fee or makes membership loan to the co-operative, and completes a membership application at the FS Store in Harriston, Mount Forest, Hanover, or Durham.

Once the Board of Directors approves the membership application, the co-operative sends the applicant a confirmation of membership, as well as other information, such as credit policy.

It is not necessary for members to have trade credit with the co-operative. They can make purchases with cash, credit cards and debit cards. However, members provide their membership numbers to have their purchases tracked so the co-operative can pay patronage dividends, once they are declared.

Although members derive many benefits from belonging to the co-operative, customers do not have to be members to use the co-operative. It is open to all.