Rules and Regulations
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
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.
Why is being a co-operative member better than renting?
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.