On December 16, 2020, the board of directors passed a new equity policy that allows for payout of equity based upon age, as well as estates. The new Equity Retirement Policy states:
- Retirement of any patron’s equity is solely within the discretion of the board of directors.
- Equity will be paid on estates and individuals attaining age 80.
- Equities may be transferred, after a written request and approval.
- First Lien Clause, prior to any retirement, as well as at other times, the Co-op will have a first lien on all equity for all indebtedness.
On January 28, 2021, after approving the 2020 Financial Audit, the board made a motion to pay all requested equity estates in full and requested equity over the age of 80 at 50%.
Should you need any further information, please do not hesitate to contact the main office.
Over 80 Equity Request Form
Affidavit For Collection Of Personal Property
Estate Equity Request Form
Retirement Of Equity Policy