Quality of Island Life Cooperative

After 8 years of operation, the Quality of Island Life Cooperative has ceased operations. In a meeting on December 10, 2011, the directors remaining from before the 2010 Annual Meeting (Morley Pinsent, Irené Novaczek, Peter Rukavina, Ann Sherman, and Kathy Stuart) conducted the following business:

Financial Report – Ann circulated a written financial report for the period April 1, 2010 to November 30, 2011. The cash balance is $566.03 and share capital is $59.00. Revenues in 2010 included $165.00 from active memberships at the AGM. Expenditures in 2010 included $60.00 for programming in Tyne Valley and $100.00 rental fees for Britannia Hall and Alexandra Hall; bank service charges for 2010- 2011 were a further $151.70. It had been a concern in e-mail discussions that service charges continued to mount monthly. The financial report was accepted by consensus.

Wind-Up – Morley indicated that as of the 2010 AGM there were 30 members of which 16 had paid active membership fees in 2010. Since the share capital had been fully spent in years past, there was no excess capital for distribution to shareholders.

After receiving and discussing advice from Lobie on ceasing operation and wind-up processes, the following motion was moved by Kathy and seconded by Peter: to pay the Province any outstanding registration fees ($30/yr) that are due as of December 10, 2011; to pay any account fees that are due at the Credit Union; to return all remaining funds to the Institute of Island Studies to be put towards the Quality of Life study with TREC; and to close the account at the Credit Union. The motion was approved by consensus.

Once the account is closed, any correspondents, partners and allies (including the Inspector of Cooperatives and the PEI Co-op Council) will be notified that the QoIL Co-Operative has ceased operations.

This website will remain in place for archival purposes for some time.