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By this Application for Supporter Membership and Subscription Agreement (the Membership Agreement), the undersigned ___________________ (Applicant) subscribes for the purchase of one Supporter-Owner Membership of the Cooperative.
In order to persuade the Cooperative to accept this Application for Supporter Membership, the Applicant represents and agrees that Applicant:
- Eligible Member.Agrees to the support the Gem City Market Cooperative Principles of Governance, as outlined in the Bylaws, and is an Ohio resident or a corporation, non-profit or LLC with its principle place of business in Ohio.
- Purchase of Membership.Is subscribing to become a member and financial supporter of the Gem City Market through the purchase, and, upon acceptance as a Supporter-Owner Member of the Cooperative, will purchase a Supporter-Owner Membership, and has tendered to the Cooperative a capital contribution of at least Ninety Dollars ($90.00) as the purchase price for one share of the Cooperative’s Supporter-Owner Membership.
- 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.
- Patronage, Voting Rights and Redemption.Acknowledges Gem City Market Cooperative has adopted Bylaws that provide Supporter-Owners shall not receive a patronage dividend or any appreciation in value of or return on Applicant’s capital contribution; Supporter-Owners have no voting powers; and Supporter-Owners shall not be entitled to receive any redemption, refund or other payment from the Cooperative upon termination of their Membership.