Changes to our Bylaws

The Board of Directors recommends amending two of our Bylaws.

1.  Co-op Bylaws § 2.3 sets the length of service of Directors. Currently Directors serve for 3 years. The Board believes the current 3-year term is a barrier to otherwise qualified owners who wish to serve on the Board of Directors. A 2-year term will still provide for knowledge sharing and continuity of leadership.

The Board recommends that Co-op owners approve changing the service term length of Co-op Directors from 3 years to 2 years.

As amended, § 2.3 (first sentence) will read: "Each director shall be elected and serve a term of two (2) years."

2. Co-op Bylaws § 7.9 (third paragraph) as currently written clarifies that payments made on a Board-approved payment plan toward the purchase an ownership share are deposits (not equity) that may be refunded to a terminated member less a processing fee as set by the Board.

The Board would like to make these payments nonrefundable. Currently, owner shares are redeemable, but only after we have both a business earning revenue and sufficient replacement capital to redeem a share. During this start-up phase of the Co-op, full-share owners cannot redeem their shares. Due to the current wording of our Bylaws, however, payment-plan owners are entitled to a refund of their deposits (less our fee) if they fall short of completing the purchase of a share, i.e., stop making payments.

The Board recommends that Co-op owners approve making the payments made on a share-purchase payment plan nonrefundable and removing the entitlement to a refund.

As amended, § 7.9 (third paragraph) will read: "Payments toward the purchase of a member share of common stock made by members on a board-approved share of common stock payment plan are deposits toward the purchase of a share of common stock. Such payments are nonrefundable and are not equity in the Co-op. Deposits toward the purchase of a share of common stock do not increase in value and do not accrue interest. Only upon full completion of the share purchase payment plan does the member purchase equity in the Co-op, in the form of one share of common stock. Should the board of directors approve the refund of any payments before the purchase of a share is completed, the board may impose a reasonable processing fee as noted in the membership application."

Board Candidates

The Board recommends the following candidates for the board for a two-year term.

Director

Director

Director

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