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The membership bylaws of the belfast co-op, including eligibility, conditions of membership, equity shares, membership rights and responsibilities, termination of membership, suspension of membership, and abandoned equity. The cooperative is open to all natural persons, regardless of various categories, and membership requires the purchase of one equity share. Member-owners have voting rights and are responsible for maintaining good standing.
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Amended 5/25/ 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/
and their rights and benefits as a member are likewise suspended. The Member-Owner may continue their membership at any time by resuming their equity contributions subject to the limitations of Section 7 below. Section 6. Suspension of Membership: A member-owner whose equity contribution is not paid within ninety (90) days of its due date is considered a lapsed or suspended member. All benefits of membership, including patronage dividend distributions for the current period, are suspended, pending payment of the outstanding balance. Upon payment, the member’s good standing is immediately restored and rights and benefits of membership are once again granted. Section 7. Inactive Members: Any Member-Owner whose member account is lapsed or suspended, or canceled without divestment for a period of two (2) fiscal years or more will be considered an Inactive Members. The Co-op shall make a good faith effort to contact the Member-Owner for updated contact information or to authorize the refund of equity. Long-term Inactive Members will be contacted again every two (2) years. If an Inactive Member cannot be reached at the contact information they have provided for the Co-op’s records, after a grace period of ninety (90) days their equity investment will be considered Abandoned Equity. Section 8. Abandoned Equity: Abandoned Equity is defined as a capital investment in the co-op not attributed to a member-owner. As such, any equity that becomes abandoned equity, shall be placed in a reserve fund designated for the benefit of the membership as a whole. No individual member-owner or other patron shall have any rights to the funds held in reserve; rather, the reserve fund is owned by the membership as a collective. Article II of Belfast Co-operative Store Bylaws as amended 5/25/