| A co-operative is a business
owned by its member-users. It is created to provide services
and products members need. A co-operative is a democratic
organization—each member has a single vote, regardless of
his/her investment in the co-operative, or his/her purchases
from the co-operative.
Members elect a board of directors from
among themselves to govern the co-operative. The board sets
policies and hires a general manager to run the day-to-day
activities of the co-operative. The board meets regularly to
review operations and management reports.
Co-operatives uphold certain other
principles, including concern for community, educating the
public and youth about co-operative values, voluntary and open
membership, and autonomy.
Become a member of Lucknow District Co-operative
Inc.
When you become a member of Lucknow District
Co-operative Inc., you have a say in a business you own.
You are able to vote on motions at the annual general meeting,
and special general meetings called by the president. You
elect a board of directors to give your co-operative
direction. Additionally, you are entitled to receive patronage
dividends (rebates on purchases you have made with the
co-operative) as they are declared by the board of directors.
Members receive an annual report to keep
them informed of the operational progress and financial
performance of the co-operative.
A lifetime membership in Lucknow District
Co-operative Inc. is $1.00 (non-refundable).
Dividends that
a member earns are put toward a $120 member loan in the
co-operative.
Optional Class A
Preference shares are available at $10.00 per share.
Dividends are payable on the Class A Shares at the rate of 4%
per annum based on a decision of the board of Directors at
year end. |
