ADVANTAGES OF BECOMING A MEMBER

  1. When purchasing merchandise at any of our locations (Verner Ag Center, Verner Bulk Petroleum, Verner Gas Bar, Verner Co-op Food Town, Noelville Co-op Foodland, Noelville Gas Bar, Northern Feed & Supplies in New Liskeard, Tem Ag Center in Thornloe, Algoma Ag Center in Echo Bay, Sudbury Bulk Petroleum), the customer is asked if he or she has a member number. That number is on the member card issued by the Verner head office. The amount of the purchases is tracked at every location. At year end (September 30th), all data from all locations is sent to the Verner head office and all location purchases are combined. This information is used to calculate any patronage dividend a member is entitled to receive based on his total purchases and CO-OP Régionale’s financial results. Please note that patronage dividends are declared and paid only if CO-OP Régionale has had a profitable year. Some years, members might not receive any patronage. The more the members support their CO-OP, the better the chances patronage dividends will be declared. 
  2. Being a member is also a requirement to becoming a director of CO-OP Régionale. Thirty days before year end, all vacant positions on the board are posted in all of our locations. If a person is interested, they must submit their intent to become a director, signed by 2 other CO-OP Régionale members as his or her sponsor. If only one person shows interest for a single vacant position, he/she is elected. If more than one person shows interest, an election is held at the annual meeting. These meetings are usually held in early December every year.  
  3. Being a member also gives you the right to participate at the annual meeting. As a member, you may be required to vote on different issues at annual meetings. It gives the right of speech, at the annual shareholders’ meeting or any special shareholder meetings that may be called. 
  4. The membership shares are redeemable. The board of directors has approved the following policies regarding the withdrawal of common shares:

  

      • When a member dies, the shares are redeemed immediately (copy of death certificate and will required).
      • There is a 6-month delay for age limit (65 years or age) and total disability (proof of disability required). A person will be considered disabled if he/she receives a pension from CPP or some other pension plan.
      • There is 1-year delay for a case of a member moving out of the region served by the CO-OP Régionale.      
      • If request is made for any of the last two reasons listed above and the amount of the shares to be withdrawn are less than $500, there is no delay for repayment, after approval from the board of directors.
      • In the case where the membership shares are owned by a business, the owners or officials of the firm may also transfer the shares to one individual.
      • In the case where the member has an overdue debt with CO-OP Régionale, the shares will be held as security against that debt and may be applied as payment towards that debt. To become a new member again, the individual must buy all the shares which were applied towards the debt.
      • If none of the above conditions for withdrawal apply, a member may ask to withdraw the shares for any other reason. The board may approve the request and extend the payments over a period of not more than 5 years and pay in each year the greater of $500 or 20% of the amount to be repaid.
      • Membership shares are also transferrable and the same conditions for withdrawal apply for the request to transfer.
      • The CO-OP Régionale has established a policy to redeem membership shares that have been issued as a result of patronage dividends beyond a specified number of years depending on the financial results of CO-OP Régionale each year.