May 28, 2021
The Board of Directors of the Vancouver Island Community Investment Cooperative announces, with regret, that at the Annual General Meeting (AGM) on April 17, 2021 the members voted to dissolve the cooperative in accordance with Part 14 of the Cooperative Association Act of BC.
The directors and many members remain convinced that there are unmet, social needs on Vancouver Island & the Gulf Islands, though the number and nature of these, as well as the possibilities for funding, have undergone fundamental changes in recent years. We believe as well that there are investors interested in providing socially-oriented funding in their communities and few organizations facilitating that transfer.
After very considerable examination, we have come to believe that the size and diversity of the Island regions, the rapidly evolving investment landscape and the high demands of assembling and administering funds in this setting, especially given the constraints of BC securities and cooperative legislation, made our organizational model ill-equipped to fill the need we see.
We will maintain and make available the minutes of our meetings and reports in the hope that other ways may be identified of facilitating community investment that can benefit from our efforts.