ISSUANCE AND TERMS OF CAPITAL CERTIFICATES. To evidence capital funds provided by members, the Cooperative shall issue capital certificates upon full payment of its purchase price in the amount of one- thousand dollars and no cents ($1,000.00). After the initial goal of three million and no cents ($3,000,000) worth of contributions are acquired and six million (6,000,000) units of interest are sold, the purchase price of capital certificates shall be set by reference to the current and prospective capital needs of the Cooperative as determined by the Board. All capital certificates shall be non- transferable and may not be pledged or hypothecated. Capital certificates shall be signed personally or by facsimile by the President and the Secretary and shall be numbered and recorded by the Cooperative. The Cooperative may issue a replacement certificate for any certificate alleged to have been lost, stolen or destroyed.
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
