Become a Founding Member!
Your founding membership share means that you agree to be a core member helping build this business plan and launch this cooperative. You will be in the loop on all decisions regarding location, business strategy, solicitation of members, and staffing. Founding members are making a $200 investment in the co-op when the outcome of this project is still uncertain. Your investment affirms our community's commitment to health and wellness.
Ownership in the co-op is voluntary and is open to any individual 18 years or older, who is willing to accept the benefits and responsiblities of ownership.
1. The member-owner may vote in Co-op elections and ballots. Proxy voting is permitted.
2. Any person in the household in which the member-owner resides may use the membership, but only the member-owner has voting rights.
3. The member-owner will notify the Co-op if a person joins or leaves the household if that person is to have or has had Co-op member-owner privilege.
4. Member-owners shall inform the Co-op of change of address.
5. Only those member-owners who have paid in full will have voting rights and access to the patronage rebate program.
6. The Board or Management of the Co-op store may define discount or benefit programs that may be altered or discontinued at any time at their discretion.
7. A patronage refund will be paid to the member-owner when the Co-op becomes profitable. The amount of the patronage refund will be in proportion to the amount of patronage by that ownership.
8. Shares are entitled to no dividends, will not be redeemable for more than their issuing price, and may be redeemable for less, or nothing, depending on the Co-op’s finances.
9. Patronage refunds must be reported to the IRS as they require.
10. As with any start-up enterprise, owner equity is subject to risk including the risk of loss. Member-owner equity is subordinate to all other debts of the Co-op.
11. If there is no patronage from a member-owner’s account within one fiscal year, the ownership shall go into inactive status. The ownership will be reactivated once patronage continues.
12. These provisions may be changed at any time by action of the Board. Member-owners will be notified of changes.
13. These ownership provisions are largely an informal summary of the benefits, rights and responsibilities of Co-op ownership as contained in our Articles of Incorporation and Bylaws. To read the legal description, please refer to these documents.