Madam Speaker, I appreciate the opportunity to say a few brief words about the bill before the House. The caucus of the NDP will be supporting this bill and I will take a moment to underscore one of the main reasons why.
People know that the predecessor to the NDP was the CCF. Cooperative was part of the name of that party. One of the things that we like most about this legislation is the fact that there is now going to be an alignment of the Cooperative Credit Associations Act and the Bank Act.
That is important because the bill would allow cooperatively structured companies to receive the same treatment in terms of their share requirements as those afforded other traditionally structured organizations. As the current legislation stands, this treatment apparently does not happen because of outdated limitations.
In passing this bill we are supporting and promoting cooperatively structured corporations and companies. We believe that is a good thing. The more cooperative structured entities we have then the greater the differences in terms of the raison d'être of corporations.
On the one hand corporations are dollar driven and profit driven only. That is the be all to end all and that is the way things are structured. Often a cooperatively structured company still needs to make money and still has to profit from being in existence. Usually, with a cooperatively structured company or entity of any sort, there are other reasons why that company is active in terms of the work it does or the services it provides. Often there is a benefit that goes way beyond that of just increased profits, and that is good for the economy. It provides further diversification and a difference in the kinds of engines that are driving our economy and the results that we are getting from them.
This is an area that still needs work as far as my party is concerned. It is not complete. The bill is positive in enough areas like the one I have just mentioned that we are comfortable in giving our support to it and we will reflect that when it comes time to vote.