Canada Cooperatives Act

[1] The Bill was characterized as being a result of requests and model legislation by tertiary co-operative organizations - the Canadian Co-operative Association and Conseil canadien de la co-opération requesting modernization to permit greater capital investment, to harmonize with incoming provincial changes, to align with provisions in the Business Corporations Act, to permit mergers and to decrease bureaucracy.

[3] At third reading, the bill passed without a recorded vote on 9 December, and with positive statements by the Bloc Quebecois, Liberals, NDP and Progressive Conservatives.

[10] The Act has seen minor amendments, including as part of a general overhaul of corporate legislation under Bill C-25 in 2016.

[13] The Act establishes requirements for by-laws and corporate directors, the ability to carry on business, as well as banning insider trading, mandating financial disclosures.

[14] The minister has power to create regulations under the act, and a corresponding regulation outlines multiple exercises of this power with regard to restrictions on business names, forms, and the establishment of certain fees to be paid to the government for services rendered to co-ops.