Cooperative Institution

What is a Co-operative?

Co-operatives are business organizations owned by the members who use the Co-operative services.  Surplus earnings of a co-operative are shared by the members in proportion to the degree they use the services.  Co-operatives are structured in a democratic way wherein each member has a vote.  This allows members to have a say in the decisions of the co-operative.  The members elect the board of directors and decide what should be done with any surplus that is generated in the co-op.

What is a Credit Union?

Credit unions are financial co-operatives owned and controlled by the members.  They provide the same kinds of financial services as do banks and trust companies.  These services range from savings and chequing accounts, term deposits, RRSP’s, consumer loans, credit cards, mortgages etc.  Every credit union has a Board of Directors, elected by its members at an Annual General Meeting.

Co-operative Principles

  • Voluntary and Open Membership
  • Democratic Member Control
  • Member Economic Participation
  • Autonomy and Independence
  • Education, Training and Information
  • Co-operation among Co-operatives
  • Concern for Community

Structure of the Credit Union