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.