Download Belfast Co-op Membership Bylaws: Eligibility, Rights, and Termination and more Study Guides, Projects, Research English Literature in PDF only on Docsity! Excerpt from the Belfast Co-operative Store Bylaws Amended 5/25/2017 Click here to read the full Bylaws. ARTICLE II. Member-Owners Section 1. Eligibility: Member-ownership of the Belfast Co-op is voluntary and open to any natural person, irrespective of sex, gender identity, race, nationality, physical or cognitive disability, sexual orientation, religious or political belief and all other categories. Section 2. Conditions of Membership: Each individual member-owner must purchase one equity share. Equity shares shall be allocated one (1) per member-owner, valued at equal dollar amounts as set by the Board of Directors. Equity shares may be paid in advance but must be paid in no less than annual installments to maintain good standing. When the full amount of the equity share has been paid, the Member-Owner is considered fully-vested. Section 3. Equity Shares: An equity share represents an investment in, and share of the ownership of the Co-op. Equity shares are purchased for the purposes of support for and involvement in the Co-op. The Co-op gives no guarantee or expectation that shares will appreciate in value, or result in economic gain for the member-owner. As an investment, this share is “at-risk”, and Member-Owners assume the risk that their share may be lost. Section 4. Membership Rights and Responsibilities: The ownership of the Co-op and its assets, as well as the right to the management thereof, is in the hands of the membership of the co-op as a collective. Member-Owners have no individual ownership of the Co-op or its assets, but are granted a number of rights and privileges as set out in these Bylaws and as determined by the Board of Directors. All Member-Owners in good standing are entitled to one vote each in Board of Directors elections, and on referendum matters. Member-Owners in good standing are also eligible to run for a seat on the Board of Directors as described in Article 4 of these bylaws. Member-Owners are responsible for providing the Co-op with valid contact information, for making their equity contributions in a timely manner, for the prompt payment of any debt or fee incurred to the Co-op, and for maintaining conduct in accordance with these Bylaws and other applicable rules and regulations, both of the Co-op and the community at large. Section 5. Termination of Membership: Member-Owners may terminate their membership voluntarily upon notice to the Co-op. Equity shares are refundable, provided that the Co-op is in good financial standing and current membership capital is adequate to meet current and projected needs, as determined by the Board of Directors. To receive a refund of equity, a member-owner must submit a request in writing to the Co-op for the cancellation of their membership and return of their equity investment. The Co-op will respond to such requests within sixty (60) days. If the Member-Owner chooses not to divest their equity investment, their payment schedule is suspended without penalty, Article II of Belfast Co-operative Store Bylaws as amended 5/25/2017
