Add Your Voice Become A
By this Application for Community Membership and Subscription Agreement (the Membership Agreement), the undersigned ___________________ (Applicant):
- Applies for Voting Membership in Gem City Market Cooperative, Inc., a cooperative organized under the Ohio Cooperative Law (Chapter 1729 of the Ohio Revised Code); and
- Subscribes for the purchase of one share of community-owner stock of the Cooperative.
In order to persuade the Cooperative to accept this Application for Community Membership, the Applicant represents and agrees that Applicant:
- Eligible Member.Is a natural person and agrees to support the Gem City Market Cooperative Principles of Governance, as outlined in the bylaws, and is eligible to become a Voting Member as defined in the Articles and Bylaws of the Cooperative;
- Purchase of Membership Stock.Is subscribing to purchase, and, upon acceptance as a Community-Owner of the Cooperative has tendered to the Cooperative One Hundred Dollars ($100.00) as the purchase price for one share of the Cooperative’s Community-Owner Class;
- Disclaimer of Investment Motive.Is seeking membership in the Gem City Market Cooperative and is subscribing for membership as a community-owner of the Cooperative with no expectation of appreciation in value of or return on Applicant’s capital contribution as such, but rather as an investment to obtain access to the services the Cooperative provides to its Members, a right to participate in the governance of the Cooperative and the direction of such services, and an opportunity to share in the net earnings (if any) the Cooperative, based on a percentage of profit not reinvested in the market and based on patronage.
- Acceptance of Articles and Bylaws.The Gem City Market Cooperative’s Articles of Incorporation and Bylaws are available at www.gemcitymarket.com. Applicant will abide by these Articles and Bylaws, as amended, and the policies and conditions of Membership adopted under the Articles and Bylaws.
- Consent to Taxation on Patronage.Acknowledges Gem City Market Cooperative has adopted a Consent Bylaw (Article VIII Sec. 7 of the Cooperative Bylaws) that states as one condition of Membership that Applicant consents to take into account for Applicant’s Federal Income Tax reporting, the face amount of each qualified written notice of allocation that Applicant receives from the Cooperative. Members will be required to provide their Taxpayer Identification Number to the Cooperative prior to receiving any patronage.