The Lost Code

Caisses Populaires

The First Caisse, in Lévis, circa 1900

Société historique Alphonse-Desjardins

Caisses populaires were cooperatives where members pooled their resources and shared the dividends earned. To become a member, people simply had to buy a $5 share that gave them the right to vote at the caisse's annual meeting. Women and children could become members but did not have the right to vote because women were legally considered minors at the time. Every caisse was governed by a board of directors and a manager. In the event of bankruptcy, member responsibility was limited by the amount of shares they owned. They were therefore protected against losses that were disproportionate to their investments. The first caisse set up shop in Lévis in 1900, and by 1920 there were 187 across Québec.