Quebec opens the door to postponing general meetings in co-opsMarch 18, 2020
Taking into account the exceptional circumstances imposed by the measures to counter the spread of COVID-19, in particular the limits on gatherings, the Ministère de l'Économie et de l'Innovation has informed FECHIMM that it will show some flexibility in the application of the provisions of the Cooperatives Act relating to the holding of the annual general meeting and the transmission of the annual report.
Under the Act, co-operatives are required to hold an annual general meeting within six months after the end of their fiscal year. The deadline is June 30 for co-ops with a December 31 fiscal year end. In addition, cooperatives must send their annual report to the Minister within 30 days of the annual meeting.
In the current circumstances, some co-ops may have difficulty holding an annual general meeting within the prescribed time frame and may not be able to send a copy of their annual report to the Ministry within the prescribed time frame.
The Ministry of the Economy and Innovation is therefore open to tolerating some delays. However, it reminds cooperatives that they must call a general meeting as soon as conditions permit and transmit their annual report to the Minister as soon as possible.