Membership Information

Occupany Agreement

Rules and Regulations

Bylaws

Policies

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When you become a member of  NCL  you are  actually purchasing shares in the co-op.   The co-op as a corporation owns the building in which your unit is located. Owning shares in NCL means that you indirectly own the building and as a member of the co-op you have a personal say not only in how the building is managed and operated but also how the co-op corporation is managed and operated (democratically).   To qualify as a member owner of the co-op building you must have in your member share account sufficient equity in order to qualify for the unit, this is a minimum of 25% of the value of the unit.  The value of the   unit is based on its size and location.  With a co-op you get a share certificate and an occupancy agreement. The occupancy agreement spells out the terms and conditions between the coop and the member for the use and occupancy of the unit. The member becomes part owner through the co-op shares of the building and has a proprietary occupancy on a specific unit

Occupancy Charges

The common charges are the costs over and above your cost of occupancy these typically  include  real estate taxes, water and sewer fees, fuel costs,  salaries for building employees, insurance and the other expenses of operating the building. These costs are apportioned to each occupant  as maintenance fees, payable to the co-op on a monthly basis. The co-op then pays the bills.

  1. Equity:  Co-ops provide for accumulation of individual member equity.  Each year your unit is appraised by a professional appraiser.  Each unit in the building is appraised at the time you move in, after the re-appraisal should you choose to move, the difference between when you initially started your occupancy and when you move out is your earned equity.  You will be issued a cheque from the co-op in the amount of that equity.
  2. Limited liability:  Cooperative member/owners have no personal liability and need not individually qualify on the co-op blanket mortgage. The cooperative corporation is responsible for paying off any blanket loans.
  3. Overall savings:  As a member you  benefit from economies of scale in co-op operating costs as well as from not-for profit operation. Bulk purchasing of major building improvements provide substantial savings on a per-member basis. The spreading of costs among co-op members cushions the economic shock of emergency repairs.
  4. Convenience:  Unlike home or condominium ownership your exit plan is simple if you wish to move.  You provide the co-op with 30 days notice and you are free to move or travel.  No need for a realtor, no need for lengthy sale time.
  5. Community building:  Cooperatives provide homes for members and build community for the co-op as a whole through group activities and social functions.
  6. Security:  Your occupancy is secure, within the guidelines of the co-op bylaws and occupancy agreements.
  7. Democratic member control:  Each membership provides the right to occupy a unit and each unit has one vote..

Why is being a co-operative member better than renting?

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What are the co-op laws?

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NCL, just like any other society, needs to have a legal framework. Our laws fall under the headings of Articles of Incorporation, By-laws, Policies, and Rules and Regulations. All of these may be changed from time to time by the members of the co-op. However, they must comply with various provincial statutes and any legal agreements that the co-op has.

Occupancy