Amends certain obsolete definitions. Deletes obsolete transitionnal clauses. Regulates the manner in which membership of cooperatives is obtained, and the requirements for such membership in general. Provides for the amendment of the objects of cooperatives. Makes provision for simplified procedures regarding the registration, conversion and amalgamation of cooperatives. Transfers powers of the Minister to the Registrar of Cooperatives. Provides for the expansion of business with non members. Regulates the representation and voting rights of members at general meetings. Provides for the delegation of powers by the board of directors. Prepares and consolidates annual statements. Sets up the incorporation of cooperatives as public or private companies or as close corporations.