BYLAWS OF OZARK COOPERATIVE WAREHOUSE ASSOCIATION
As amended by the Membership October 3, 1998
Article I
Name and Location
The
name of this association is the Ozark Cooperative Warehouse Association. The primary business office of the Association
is located at 1601 Pump Station Road, Fayetteville, Arkansas 72701.
Article II
Purpose
Section 1.
Purposes. The association
shall have the following purposes:
(a)
To serve people and their needs by fostering cooperative enterprise
through education and the distribution of food, products, and services;
(b)
To develop and maintain an effective and efficient consumer-owned
wholesale food business that provides high quality foods and goods and
outstanding service to its members and customers;
(c)
To provide access to accurate information concerning the business of the
cooperative, food systems, nutrition, technical assistance, ecology, the
cooperative principles, and the cooperative movement;
(d)
To provide a healthy, rewarding workplace for its employees;
(e)
To support and encourage ecologically responsible agriculture and
regional production.
(f)
To support and participate in national, regional, and local co-op
development and integration; and
(g) To
do all lawful acts and engage in all lawful business practices not prohibited
by the Arkansas Cooperative Association Acts, Arkansas Statutes Annotated,
Sections 64-1501 through 1525 (Repl. 1980).
Article III
Ownership
Section
1. Membership. Ownership of this Association shall be
vested in the members. Membership certificates will be authorized and issued as
described herein. No person or entity
shall be issued or entitled to own more than one (1) membership. All memberships are strictly and absolutely
nonassignable and nontransferable.
Section
2. Qualification for Membership.
Patronage of this Association who have or will purchase a minimum amount of
goods and services from this Association, and which are cooperatives, cooperate
with other cooperatives, or are otherwise approved by the Board and which
operate generally in accordance with the principles approved by the
International Cooperative Alliance, shall be eligible for membership.
Section
3. Application for Membership. In order to be issued a membership with this
Association, a prospective member must make written application on a form
established by the Board of Directors, or by a committee appointed by the
Board. If an applicant meets the eligibility requirements for being issued a membership,
the Board shall accept the applicant, contingent upon the applicant’s payment
of Twenty-Five Dollars ($25.00). Upon such payment, the applicant shall be
issued one (1) membership and entitled to all rights and responsibilities
thereof, including membership in the Association, all voting rights, and
patronage refunds. The Board of Directors shall have the right to impose other
requirements for membership, including the contribution of additional equity to
the Association. If the Board rejects any application, it shall communicate the
reason for rejection to the applicant. Upon payment for its membership, a new
member shall receive a copy of the Articles of Incorporation and Bylaws of this
Association and a membership certificate as provided herein. Each member shall
file, with the President of the Association, the name of an individual
representative to act on its behalf and be the primary contact person with this
Association and a representative address.
Section
4. Voting. Voting on all matters shall be by
membership. The total number of votes which each member may cast shall be as
determined by the Board of Directors from time to time, based fairly upon
either the total patronage or patronage from time to time of the member.
Section
5. Redemption of Memberships. At any time, if an entity holding a
membership (a) fails to meet the qualifications for such membership; (b) has
failed to patronize this Association for a period of one (1) year or more; or
(c) whenever the Board of Directors, by resolution, finds that such member has
(i) intentionally or repeatedly violated any Bylaw of this Association, (ii)
breached any contract with this Association, (iii) remained indebted to this
Association for ninety (90) days after such indebtedness first became payable,
or (iv) willfully obstructed any lawful purpose or activity of this
Association, then, in any such event, the Board of Directors may redeem the
membership. If the Board proposes to terminate such membership, the Board shall
notify the member that the Board intends to do so by giving at least thirty
(30) days written notice to the member. If the member objects to this action,
in writing, within that period, the action shall be adjudicated by a neutral
committee of three (3) persons agreed upon by the Board and the member. The
committee shall report within thirty (30) days thereafter. Upon redemption of
the membership, all voting rights shall automatically cease, but the member
shall be entitled to receive Twenty-Five Dollars ($25.00) in cash upon termination
of its membership. The member shall also be entitled to redemption of other
member equity as provided in Article IX, Section 12. No action taken hereunder
shall impair the obligations or liabilities of either party under any contract
with the Association, which may be terminated, only as provided therein.
Section
6. Nonmember Purchasers. Any prospective purchasers who do not meet
eligibility requirements as members may purchase goods and services from the
Association but are not entitled to patronage refunds, voting rights, or any
other rights of members.
Section
7. Membership Certificates. The Board of Directors of the Association
shall adopt a format for certificate evidencing membership, which shall provide
thereon that such memberships are nonassignable and nontransferable, and may be
redeemed by the Association in accordance with the Bylaws.
Section
8. Regional Divisions. The Board of Directors shall cause the
geographical area served by the Association to be subdivided into regions, the
boundaries of such regions being based upon determinable geographic lines and
substantial patronage from within such regions.
Article IV
Meetings of Members
Section
1. Annual General Membership Meeting. The annual general membership meeting of this
Association shall be held each year at a time and location to be determined by
the Board of Directors.
Section
2. Regional Meetings. Each region served by this Association shall
have at least one (1) regular meeting each year at a place and time to be
determined by the Board of Directors. A regional representative shall attend
the annual meeting held within his or her region each year.
Section
3. Regional Representatives. Each region shall elect one (1) or more
persons to serve a two (2) year term as a regional representative. The regional
representative shall have the responsibility of organizing the annual regional
membership meeting and shall facilitate communications within his or her region
to insure clear channels for feedback between members, Board, and management
regarding products and services of the Association. Regional representatives
shall be responsible for providing notice of regional membership meetings as
prescribed by these Bylaws. Regional representatives shall be elected in a manner
to be determined by the members of that region.
Section
4. Special Meetings. Special meetings of the members as a whole
or of any given regional shall be held at the palace specified in the notice
for the meeting. Any such special meeting may be called by a petition signed by
members having ten percent (10%) of the total voting power (as a whole or of
any given region), by the Board of Directors, the President, or the General
Manager. The General Manager shall be responsible for issuing notices.
Section
5. Notice of Meetings. Written notice of every meeting of the
members shall be prepared and mailed, at the Association’s expense, to the
representative address of each member not less than five (5) days in the case
of a special meeting, and not less than thirty (30) days in the case of the
general membership meeting, and not more than sixty (6y0) days prior to the
date of the meeting. Such notice shall state the time and place of the meeting
and, in the case of a special meeting, the purpose for which the meeting is
called. No business shall be transacted at special meetings other than that
referred to in the notice.
Section
6. Voting. The Association’s warehouse staff shall
elect by majority vote, each full-time staff member having one (1) vote, one
(1) of its full-time members to represent the staff in membership meetings.
Such representative shall have one (1) vote.
All persons or entities holding a membership shall have one (1) vote and
such additional votes based upon patronage as the Directors may, from time to
time, determine.
Section
7. Quorum. Ten percent (10%) of the actual qualified
votes must be present by a designated representative (which need not be the
representative provided for notice purposes) or by proxy as provided herein to
constitute a quorum necessary to the transaction of business at any meeting of
its members.
Section
8. Proxies. A member may cast its vote by proxy. The
appointment of a proxy shall be in writing, filed with the Secretary of the
Association, at or before the meeting. No proxy shall be voted or acted upon
after ninety (90) days from its date. A proxy may be voted by a qualified
member group in attendance at the meeting. Such a group shall vote no more than
one proxy for another member group.
Section
9. Manner of Acting. All decisions made by the members shall be
made by a simple majority of those voting, with the exception of amending
either the Articles of Incorporation or the Bylaws of the Association, or
dissolving the Association; these decisions will be made by a two thirds (2/3)
vote of those voting.
Section
10. Powers Reserved to the Members. The following powers are reserved to the
members of the Association.
(a) To elect the Board of Directors and regional
representatives;
(b) To amend the Articles of Incorporation or
Bylaws of the Association; and
(c) To dissolve the Association.
Article V
Directors
Section
1. Number, Tenure, and
Qualifications. The Association shall
have a Board of Directors comprised of seven (7) persons elected by the
members. The seven (7) Directors shall be divided into three (3) categories so
that approximately one third (1/3) will be elected each year. Directors shall
be elected to serve three (3) year terms and may succeed themselves. Each
Director shall have one (1) vote at Board meetings.
Section
2. Elections of Directors. Directors will be elected each year at the
annual general membership meeting as follows:
(a) Directors shall be elected by the
members as a whole at the annual general member
meeting and shall serve a term
of three (3) years;
(b) Each Director shall continue to hold
office until his or her successor is elected and
qualified, or until removed; and
(c) All Directors will be elected by a
simple majority vote to be cast either in person or by
proxy as provided in these
Bylaws.
Section
3. Nomination of Directors. The Board of Directors shall appoint a
nominating committee to seek candidates for the positions on the Board of
Directors. The Board of Directors shall
establish qualifications for Directors, which will be distributed to the
members. The nominating committee shall work with the membership to find
qualified candidates, and shall nominate candidates for open Directors
positions. The nominating committee shall publish a list of candidates for
Directors positions at least thirty (30) days prior to the date of the general
membership meeting, with brief statements of qualifications, in a publication
generally distributed to all members. Additional nominations may be made by
written petition to the Secretary of this Association, by the greater of
members holding ten (10) membership votes or three percent (3%) of total
outstanding members at least ninety (90) days prior to the general membership
meeting.
Section
4. Removal of Directors. The Board of Directors, or any individual
Director, may be removed from office, with or without cause, by a majority vote
of the votes cast at any membership meeting or by proxy, provided that the
Director has been given at least thirty (30) days notice, and an opportunity to
speak at the meeting before the removal vote is taken. The motion to remove
shall be included in the notice of the meeting.
Section
5. Resignation of Directors. A resignation takes effect when the
Secretary receives a written notice of resignation from a Director. Absence
unexcused by the Board from three (3) successive Board meetings in any twelve
(12) month period shall constitute resignation. The Secretary shall note all
unexcused absences in the minutes of the Board meetings.
Section
6. Vacancies. Whenever a vacancy occurs in a Director
position, other than from expiration of a term of office, a majority of the
remaining Directors may appoint a new Director to fill the vacancy until the
next annual meeting of the members (or a special meeting called for that
purpose), at which time the members as a whole shall elect a new Director to
fill the vacancy for the remainder of the term of the vacant Director.
Section
7. Annual Board Meeting. An annual meeting of the Board of Directors
shall be held within fourteen (14) days following the annual general membership
meeting each year for the purpose of the election of the officers of the
Association for the ensuing year, and to transact such other business as may
properly come before the meeting.
Section
8. Regular Board Meetings. A regular meeting of the Board of Directors
shall be held at least four times per year at such time and place as the Board
may, from time to time, determine.
Section
9. Quorum and Manner of Acting. A majority of the Board shall constitute a
quorum for the transaction of business, but if there is not a quorum, those who
are present may adjourn the meeting to such time and place as they may
determine. The Board will strive to decide all questions by reaching consensus;
however, if an impasse is reached, the question may be decided by a simple
majority.
Section
10. Executive Committee. The Board of Directors may designate three
(3) or more Directors, one of whom shall be the President of the Association,
to constitute an executive committee.
The Board may elect other Directors as alternate members of the
executive committee. The Board may
elect other Directors as alternate members of the executive committee. To the extent determined by the Board, such
committee shall have and exercise the authority of the Board in the management
and business of the Association; provided, however, that such committee shall
not have power or authority in reference to amending the Articles of
Incorporation, adopting an agreement of merger or consolidation, recommending
to the members the sale, lease or exchange of all, or substantially all, of the
Association’s property and assets, recommending to the members a dissolution of
the Association or a revocation of a dissolution or amending the Bylaws of the
Association.
Section
11. Compensation. If authorized by a resolution of the Board
of Directors, individual Directors shall be reimbursed for reasonable expenses
required to attend Board meetings and/or receive a monthly honorarium as
determined by the Board and approved by the membership.
Section
12. Noncompetition. No Director may compete in business with
this Association to a material degree, or be employed by a competitor of this
Association. No employee of this Association may hold office as a Director. No
dependent or member of the immediate family of any Director may earn more than Five
Hundred Dollars ($500.00) per year as an employee of this Association.
Article VI
Duties of Directors
Section
1. General Powers. The Board of Directors shall direct the
business and affairs of the Association, and shall exercise all of the powers of
the Association, except such as are by law, the Articles of Incorporation, or
these Bylaws conferred upon or reserved to the members as a whole. The Board shall adopt such policies, rules,
regulations, and actions not inconsistent with law, the Articles of
Incorporation, or these Bylaws, as it may deem advisable.
Section
2. Specific Duties. Major duties of the Board of Directors of
this Association are to:
(a) Establish corporate policy.
(b) Employ, determine the compensation
and employee benefits of, and evaluate the
performance of the General
Manager;
(c) Select officers and fill Board
vacancies as needed;
(d) Determine the total capital
requirements of this Association and the proportion that
should be provided by the
members;
(e) Approve any intermediate or long-term
loans, including issues of debentures to members
or to the general public;
(f) Approve, after recommendation from
management, an operating budget for the current
year and projections for
succeeding years;
(g) Review complete financial statements
at least quarterly, and operating reports at more
frequent intervals;
(h) Apportion the net savings as provided
in these Bylaws;
(i) Adopt significant and realistic
plans for future development and growth, and review and
modify them at regular
intervals;
(j) Determine basic policies for
cooperation with other cooperatives;
(k) Determine the basic policies for
consumer and cooperative information programs, as
well as guidelines for
appropriate political action;
(l) Review and make recommendations on
any proposed changes in the Articles of
Incorporation or Bylaws;
(m) Appoint standing committees, including
executive and nominating committees, as
required by these Bylaws.
(n) Authorize appropriate officers or agents
to sign contracts, leases, or other obligations on
behalf of this Association;
(o) Approve purchase and disposal of
large capital items; and
(p) Authorize investment of any surplus
funds.
Section
3. Specific Responsibilities. Major responsibilities of the Board of
Directors of this Association are to see that:
(a) Comprehensive financial statements
are presented to the board or to an appropriate
committee at least quarterly,
with operating reports at more frequent intervals;
(b) Adequate accounting records are kept
in accord with generally accepted accounting
principles;
(c) Accurate Association records are
maintained, including copies of the Articles of
Incorporation, Bylaws, Board
minutes, member meeting minutes, and copies of all
required reports;
(d) Accurate and up-to-date lists of
names and addresses of intermediate and long-term
creditors, including debenture
holders, are maintained;
(e) Accurate and up-to-date lists of
member names and addresses are maintained;
(f) Equitable and progressive personnel
policies and employee benefit programs are
maintained and reviewed and
updated regularly;
(g) All legally required reports are
accurately maintained and filed when due;
(h) Notice of member meetings are
provided as required by these Bylaws;
(i) Appropriate internal control
procedures are in force and periodic audits made as needed;
(j) Adequate channels are provided for
member suggestions, commendations, and
complaints, and that response is
reasonably prompt and courteous;
(k) Effective programs for consumer and
cooperative information are designed and then
implemented consistently;
(l) Communication between management,
Board, committees, and members is reasonably
free-flowing and open in both
directions; and
(m) All activities are carried out within
the law, the Articles of Incorporation, and these
Bylaws.
Article VII
Officers
Section
1. Election of Officers. At each annual meeting of the Board of
Directors, the Board shall elect from the Board, the principal officers of this
Association, which principal officers shall be a President, a Vice-President, a
Secretary, and a Treasurer or a Secretary-Treasurer. In addition, the Board
shall elect or confirm a General Manager, who need not be a member of the Board
of Directors. The Board of Directors may elect one (1) or more Assistant
Vice-Presidents, Assistant Secretaries, and Assistant Treasurers as and when it
may deem necessary. The President, Vice-President, Secretary, and Treasurer or
Secretary-Treasurer, must be Directors of the Association. An officer may be
removed by the Board whenever, in its judgment the best interests of the
Association will be served thereby. If any vacancy shall occur among the
principal officers of the Association, it shall be filled by the Board of
Directors.
Section
2. Duties of President. The President shall (a) preside over all
meetings of the Board and of the members as a whole; (b) call special meetings
of the Board; (c) perform all acts and duties usually performed by a presiding
officer, and (d) sign all membership certificates and such other papers of this
Association as he or she may be authorized or directed to sign by the Board;
provided, however, that the Board may authorize any person to sign any and all
checks, contracts, and other documents in writing on behalf of the
Association. The President shall
perform such other duties as may be prescribed by these Bylaws or by the Board
of Directors.
Section
3. Duties of Vice President. In the absence or disability of the
President, the Vice-President shall perform the duties of the President. The
Vice-President shall perform such other duties prescribed by these Bylaws or by
the Board of Directors.
Section
4. Duties of Secretary. The Secretary shall attend all meetings of
the Board of Directors and all general membership meetings, and keep minutes of
all proceedings. He or she shall keep a complete record of these meetings of
the Association and of the Board, and shall have general charge and supervision
of the books and records of the Association. He or she shall sign all
membership certificates with the President and such other papers pertaining to
the Association as authorized or directed to be signed by the Board. The
Secretary shall serve all notices required by law and by these Bylaws,
including notices of meetings, and shall make a full report of all matters and
business pertaining to the office to the members at the annual meeting. He or
she shall make all reports required by law and shall perform other such duties
as may be required by the Association or the Board. An Assistant Secretary, if
any, shall perform the duties of the Secretary during his or her absence or
disability, or when otherwise deemed necessary by the Board.
Section
5. Duties of Treasurer. The Treasurer shall perform such duties,
with respect to the finances of this Association, as may be prescribed by the
Board. An Assistant Treasurer, if any, shall perform the duties of the
Treasurer during his or her absence or disability, or as the Board may deem
necessary.
Section
6. Duties of General Manager. The General Manager shall be directly
responsible for the day-to-day operation of the Association and maintenance of
its books, records, and accounting. He or she shall answer directly to the
President and Board of Directors and shall be entitled to receive a salary,
fringe benefits, and reimbursement for expenses as agreed upon from time to
time by the Board of Directors.
Article VIII
Indemnification and Insurance
Section
1. Indemnification and Insurance. The Association shall indemnify, as allowed
by Arkansas law, any employee, agent, officer, or Director of the Association,
for any costs incurred in defending, settling, or paying out judgments on any action
or proceeding brought against him or her for any act in such capacity, provided
that act did not contravene any statute imposing specific liability for that
act, and so long as he or she is not adjudged liable for negligence, fraud, or
criminal act. The Association may carry appropriate liability insurance to
protect both such employees, agents, officers, and Directors, and the
Association itself against the costs of such indemnification.
Article IX
Capital and Dividends--Patronage Refunds
Section
1. Dividends. The Association shall not pay dividends upon
its membership certificates, but shall pay patronage refunds to its members as
provided herein. Each transaction between this Association and each member
shall be subject to, and shall include as a part of its terms, each provision
of the Articles of Incorporation and Bylaws of this Association whether the
same be expressly referred to in said transaction or not. Each member who has purchased goods and services
in the given fiscal year from this Association shall be entitled to any and all
patronage refunds as defined in this Article IX of the Bylaws arising out of
said patronage.
Section
2. Capital--Member Override
Contributions. The Board of
Directors in its sole discretion may establish overrides to be added uniformly
to the sales price of all goods and services rendered by the Association, both
to members and nonmembers. Such overrides, when paid by the members, are
nonassignable and nontransferable, and shall be reflected in the accounts of
the Association as “member equity” and credited to the equity account of that
member. Such overrides paid by nonmembers shall be accounted for as gross
receipts. Member override contributions shall accrue no profit, interest, or
dividends. Redemption of override contributions shall be in accordance with
Section 12 of this Article.
Section
3. Gross Receipts. All receipts from business done with or for
members shall be deemed to be “gross receipts.”
Section
4. Annual Savings.
(a) The Association shall deduct from
said gross receipts:
(i) All operating expenses and costs;
(ii) The cost of goods sold to members;
(iii) The cost of services performed for members;
(iv) All taxes and all other necessary expenses; and
(v) Reasonable and necessary reserves for depreciation,
depletion, and obsolescence
of physical
property, doubtful accounts, and other valuation reserves, all of
which
practices.
(b) The Board of Directors may choose to
establish and add to a general reserve, any
reasonable portion of the figure
remaining after the deductions in Section 4(a) for any
lawful and reasonable purpose
designated by the Board.
(c) The remainder of said gross receipts,
after all above deductions have been calculated
upon a fiscal year basis, shall
be deemed to be net proceeds of “annual savings.”
(d) Annual savings from business with or
for members shall be calculated, allocated, and
distributed as patronage refunds
to its members based upon the quantify or value of
business done with or for such
members, as determined by the Board of Directors.
(e) This Association shall distribute
twenty percent (20%) or more of its patronage refunds
in cash and the remainder in qualified
written notices of allocation.
Section
5. Manner of distribution of
Patronage.
(a) The annual savings, excluding annual
savings from sources other than patronage with or
for members, shall be
distributed annually in cash or in the form of a written notice of
allocation and credited to the
members’ separate equity accounts on the books of the
Association. The Board of Directors in its discretion may
determine to have distributions
to the members be made by virtue of either qualified or nonqualified
written notices of
allocation.
(b) Annual net savings derived from
sources other than business with or for members shall
be credited to the general
earned surplus, and from such account this Association may
pay income tax and may expend
monies from such account for any purposes determined
by the Board of Directors in
accordance with the law, the Articles of Incorporation, and
these Bylaws.
(c) Distribution of annual savings shall
be made as soon as practicable after the close of each
fiscal year, and written notice
shall be sent to each member showing the total
distribution, showing the exact
amount distributed in cash and in written notices of
allocation. Said notice shall be given not more than
eight and one half (8-1/2) months
after the close of the fiscal
year.
Section
6. Loss or Losses. In the event this Association shall incur a
net loss in any fiscal year, the net loss may be charged against any one or
more of the several equity accounts of the Association as the Board of
Directors, in its discretion, may deem appropriate for the business needs of
the Association. In any7 event,
treatment of members similarly situated shall be equivalent. This section shall not be construed or
administered in such a way as to deprive this Association of the right to carry
back or carry forward net operating losses to past or future years, in
accordance with the applicable provisions of the Internal Revenue Code or any
state taxing statutes.
Section
7. Revolving Capital. When, in the sole opinion of the Board of
Directors, the Association has sufficient working capital, then member equity
in the form of either overrides or written notices of allocation may be called
for payment at the lesser of the stated value or book value thereof. Such equity may be paid or redeemed in whole
or in part at such time, in such manner, and in such order as shall be
determined by the Board of Directors, so long as all members similarly situated
are treated equally.
Section
8. Transfer. No member may transfer its equity, whether
in the form of membership, member overrides, or written notices of allocation
except in the instance of a member group dividing into two or more new member
groups, in which case equity, whether in the form of member overrides or
written notices of allocation may be transferred from one member to another
upon the written request of both members, signed where applicable by their
presidents and secretaries.
Section
9. Consent. Each member of this Association on the
effective date of this Bylaw who continues as a member after such date shall,
by such act alone, consent that the amount of any distributions with respect to
its patronage which are made in written notices of allocation and the amount
disclosed to the recipient as the stated dollar amount of any unit retain
certificate (as defined in 26 U.S.C. 1388) and which are received by it from
the Association will be taken into account by it at their stated dollar amounts
in the manner provided in 26 U.S.C. 1385(a) in the taxable year in which such
written notices of allocation are issued.
Section
10. Consent Notification to Members
and Prospective Members. Written
notification of the adoption of this Bylaw, a statement of its significance,
and a copy of the provision shall be given separately to each member and
prospective member before it becomes a member of this Association.
Section
11. No Dividends or Interest. No dividends or interest shall be paid on
any member interests or notices of allocation.
Section
12. Redemption of Member Equity. Member equity in the form of either
accumulated member overrides or written notices of allocation, upon redemption
of a membership as otherwise provided herein, shall likewise be redeemed for
cash or deferred payment evidenced by a promissory note, as the Board of
Directors, in its discretion, deems in the best interests of the
Association. In the event redemption is
by deferred payment and evidenced by a promissory note, said note shall be
payable over a period not to exceed seven (7) years and shall not bear
interest.
Article X
Fiscal Year
The
fiscal year of this Association shall commence on the first day of January each
year and shall end on the last day of December of each year.
Article XI
Amendment
These
Bylaws may be amended or repealed, and new Bylaws may be adopted at any annual
or special meeting of the members as a whole, by the vote of a two thirds (2/3)
majority of the votes of the members present, or voting by proxy at such
meeting. The notice of such meeting
must contain the full text of the proposed amendment.
Article XII
Dissolution
Upon
dissolution of this Association, the assets of the Association, after all debts
have been paid or adequate reserve for the payment thereof made, shall be distributed
among the members of the Association in proportion to their entitlement to
voting rights. Solely for the purpose
of determining voting rights for dissolution, patronage shall be determined and
issued to those members who, during the current year, have accumulated
sufficient purchases to entitle them to patronage upon the close of the current
fiscal year, and those rights shall be accumulated with current rights.
ADOPTED
AND EFFECTIVE the 28th day of September, 1986.
Revised and amended as approved by the membership on the 3rd day of
October, 1998.
________________________________
Dan
Kelley, President of the Board
Ozark
Cooperative Warehouse Association
________________________________
Blue
King, Secretary of the Board
Ozark
Cooperative Warehouse Association
________________________________
Nick
Masullo, Notary Public
Washington
County, Arkansas
My
commission expires January 1, 2002.