Member Manual

3. Share Deposit and Refund

Applicants for Full Membership are required to pay a deposit equal to 100% of the price of the minimum shareholding for Full Members. Applicants for Associate Membership are required to pay a deposit equal to 100% of the price of the minimum shareholding for Associate Members. The price for shares is set out in the Price List. This deposit will be refunded if the application is not accepted by CAN. If you are accepted as a member, the deposit will be used to purchase the required shares in CAN. The shares represent your share in the ownership of the co-operative and therefore the vehicles and assets belonging to CAN. It also serves as security for any liabilities resulting from this contract.

For the organizational stability of the co-operative we need to be sure that members are serious about their involvement with CAN. You should not apply for membership unless you intend to maintain your membership for at least six months. If you or CAN terminate your membership during your first 180 days of membership, CAN is not required to refund your shares until 180 days after you have became a member or 90 days after your membership is terminated, which ever comes later. In addition, appropriate monthly administration fees will be charged. If you or CAN terminate your membership after the 180 days of membership CAN will refund your shares within 90 days. In either case CAN will only refund that portion of your shares (if any) remaining after deductions for moneys owing to CAN.

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