"MemberShares: To become a member of Interest Free Housing Cooperative of Canada (“IHC”
or “the Cooperative”), each prospective member needs to purchase a minimum of 5 shares
worth $100 each for a total of $500 and $75 Membership fee. All member shares are invested into residential housing
projects which are owned by IHC. These member shares accrue dividends quarterly (only those
shares which completed the entire quarter are eligible) and dividends are declared and paid
after the Annual General Meeting in the subsequent year.
Preference Shares: Once a member is notified of their eligibility to enter into an occupancy
agreement with IHC and once the home purchase transaction is completed, their Membership
shares are now converted into Preference Shares and represent the home buyer’s equity
ownership in the property and this class of shares does not accrue dividends."