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Welcome to Medicine Hat Co-op!Medicine Hat Co-op has over 34,000 members. Membership, upon approval, is open to everyone with a share purchase of $5.00. What is a Co-op?A Co-op is a business - with a difference! The difference is that the Co-op is locally owned and controlled by its members and is characterized by various membership benefits. Members Are OwnersAnyone can apply for Co-op membership. It simply involves filling out an application to purchase shares in the Co-op. The investment varies from one Co-op to another, but it is usually between $1.00 and $30.00. One becomes a Co-op member-owner upon approval of membership by the Board of Directors. A Co-op membership can be mutually beneficial to the member-owner and the Co-op. To gain the most from a Co-op membership, members are encouraged to support their Co-op through the purchase of goods and services, in order to make their Co-op a viable business. In turn, the Co-op has a commitment to its member-owners to remain competitive and operate efficiently. Guided by MembersA unique feature of your Co-op is that it is locally controlled. The Co-op's one member-one vote system, opens up exciting opportunities for members to participate in the decision-making process of the Co-op. Members are encouraged to attend the Co-op's annual meeting and participate in establishing the policies and bylaws which direct the operation of the organization. The Co-op's Board of Directors is elected by its members. The Board oversees the operation of the Co-op, and directs its progress. It is also responsible for communicating with Co-op members to ensure that their needs are met. Co-op members can also have direct input by serving on committees, or by offering suggestions to the Board of Directors, General Manager and staff. Savings Returned to MembersOn the surface, the Co-op looks very much like other local business. However, unlike other businesses, any savings generated by the Co-op returned to member-owners, proportionate to amount purchased from the Co-op during the year. These member savings accumulate as equity in ( member's share account, so the more a member supports the Co-op, the greater his or her equity become. At the discretion of the Co-op's Board Directors, a percentage of a member's equity may be returned to the member in the form of a cash refund, any case, the money stays in the community to be used and reinvested. |
Copyright © 2011 Medicine Hat Co-op
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