Member's Capital Accounts. The Cooperative shall maintain a separate capital account for each Member. No Member may withdraw any part of their contributed capital prior to five (5) years without the consent of a majority of the Board. If a Member’s capital account falls below the amount of the member’s contributed capital because of losses or permitted emergency withdrawals the Member’s share of the profits will be credited to the Member’s capital account until the capital contribution has been restored, and before any profits can be credited to the Member’s income account.
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
