Buying-in and Governance
Hearthstone Village is incorporated under the British Columbia Cooperative Act as an Equity Co-op. This legal structure was chosen to best reflect the values and the aims of our co-op. Hearthstone Village Cooperative Inc. owns the property and currently has a mortgage with Vancity Credit Union. To join, each new members buys a membership share for five hundred dollars and pays a joining fee of ten thousand dollars. The 3 founding families are currently guarantors of the mortgage as are new members upon joining, until such time as the co-op becomes the guarantor.
BUY-IN
GOVERNANCE
Sociocracy is the governance model for Hearthstone Village . We are also legally required to follow the BC Cooperative Act and have integrated the Sociocracy model to work within the Act. Sociocracy is a decision making method rooted in the values of equivalency, transparency and participation - “Good Enough for Now, Safe Enough to Try”. The practice of Sociocracy is centered on the following three principles:
BUY-IN
- Unlike most cooperative housing developments which are not-for-profit projects, Hearthstone Village is an equity cooperative.
- An equity co-op enables members to realize personal equity (with some limits) from their investment upon terminating their membership.
- Members will acquire land tenure for a parcel of land for a building lot through the purchase of a Class C share.
- The value of the share is based on the cost to purchase the common land, develop common infrastructure, buildings and amenities, and the amount paid so far on the mortgage.
- Members may purchase a Class C share and undertake building a house within the building and development guidelines of Hearthstone Village
- The cost of a Class C share is currently one hundred and four thousand dollars.
GOVERNANCE
Sociocracy is the governance model for Hearthstone Village . We are also legally required to follow the BC Cooperative Act and have integrated the Sociocracy model to work within the Act. Sociocracy is a decision making method rooted in the values of equivalency, transparency and participation - “Good Enough for Now, Safe Enough to Try”. The practice of Sociocracy is centered on the following three principles:
- Circles and Circle Processes are the means of organizing and guiding the work of Hearthstone Village. Circles are semi-autonomous groups of members working towards common aims and vision. There are different levels of circles for different purposes within Hearthstone.
- Double-linking between circles ensures effective information flow in both directions. This is achieved by having two people who are full members of both of the linked circles.
- Consent Decision Making means that a policy decision is made when there are no remaining objections from within a circle. Objections are welcomed but are based on how a proposal would be contrary to achieving the aims, vision and mission of Hearthstone Village, not on personal preference.
For more information about Sociocracy, check out the resources below.
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