Patronage Dividends. As a Member of the Company, Member is entitled to receive patronage dividends based upon both the overall quantity or value of the total business done through the Company and the quantity or value of business Member does through the Company during the Company’s fiscal year in accordance with Company’s standard procedures for paying patronage dividends to Company’s members. Patronage dividends are distributed once annually, based on the Company’s fiscal year. The total amount of patronage dividends paid to its members is based upon the share of rebates which the Company receives as a result of qualified programmed member rebateable purchases of Product through the Company. Attached, as Exhibit A, is a schedule used to determine the amount of rebates which the Company is to pay out to members as patronage dividends (which is based upon qualified purchases through the Company). Each year, the Board of Directors of the Company reviews Exhibit A to determine the specific portion of the total amount of qualified rebates received during the fiscal year which will be paid out as patronage dividends. The Company reserves the right to offer payment terms that includes collection of member obligations through the withholding of patronage dividends. Member hereby recognizes and authorizes such action.
Patronage Dividends. In addition to the above payments for cattle, the Producer shall be entitled to payments from earnings of the Cooperative as patronage dividends in accordance with the Bylaws of the Cooperative.
Patronage Dividends. As a Member of Company, which operates as a cooperative, Member is entitled to receive patronage dividends based upon the quantity or value of the Company’s business which is done with or for Member during the Company’s fiscal year in accordance with Company’s standard procedures for paying patronage dividends to Company’s members, as determined by the Board of Directors of the Company. The total amount of the patronage dividends paid to its members is based upon the share of rebates which Company receives as the result of qualified programmed member rebateable purchases of Products through the Company. Attached, as Exhibit A, is a schedule used to determine the amount of rebates which the Company is to pay out to members as patronage dividends (which is based upon qualified rebateable purchases through the Company’s network of approved suppliers). Notwithstanding the foregoing, the membership of the Company may from time to time authorize “loads” to the pricing of Products which the suppliers agree to administer and pay to FloorExpo. Member acknowledges “loads” are distinctly different than rebates, as described above, and shall not be considered for the purpose of calculating patronage dividends or used in the determination of volume tiers in Exhibit A.
Patronage Dividends. (ii) redemption by the Borrower of its Class A Shares, Class B Shares and Class E Shares permitted by the Bylaws;
Patronage Dividends. As a Member of the Company, Member is entitled to receive patronage dividends based upon both the overall quantity or value of the total business done through the Company and the quantity or value of business Member does through the Company during the Company’s fiscal year in accordance with Company’s standard procedures for paying patronage dividends to Company’s members. The total amount of patronage dividends paid to its members is based upon the share of rebates which the Company receives as a result of qualified programmed member rebateable purchases of Product through the Company. Attached, as Exhibit A, is a schedule used to determine the amount of rebates which the Company is to pay out to members as patronage dividends (which is based upon qualified purchases through the Company). Each year, the Board of Directors of the Company reviews Exhibit A to determine the specific portion of the total amount of qualified rebates received during the fiscal year which will be paid out as patronage dividends. The Company reserves the right to offer payment terms that includes collection of member obligations through the withholding of patronage dividends. Member hereby recognizes and authorizes such action.
Patronage Dividends. During the time between the execution of this Agreement and the Effective Time, and for a period of not less than one year after the Effective Time, the methodologies of computing and distributing patronage dividends of each of the constituent corporations for their respective members shall be as set forth on Exhibit 3.3 hereto. During such period of time, TruServ will diligently and in good faith develop a common patronage dividend methodology for use thereafter by all members of TruServ. During such period of time, new members who join TruServ will have their patronage dividend computed and distributed in accordance with the method used by the constituent corporation offering the retail program prior to the Effective Time which is elected by such new member.
Patronage Dividends. In accordance with the applicable provisions of the Cooperative's Bylaws and any then effective policy or plan established by the Board of Directors of the Cooperative with respect to the distribution and calculation of patronage dividends, the Cooperative will distribute to its Members as patronage dividends within 8 1/2 months following the close of each fiscal year of the Cooperative, the proportionate share of the net earnings allocable to the Member, effected by or resulting from the operations conducted and carried on by the Cooperative in connection with his/her/its patronage activity in relationship to overall Member Class and individual member-patronage activity.
Patronage Dividends. Member specifically acknowledges receipt of a copy of Article I, Section 5 of the Bylaws of the Cooperative entitled "Consent to Tax Treatment" and of the provisions therein contained which provide, among other things, that a member of the Cooperative, by the act of becoming or continuing as a member, consents that the amount of any patronage dividend distributions or received by the Member from the Cooperative in the form of "qualified written notices of allocation" (as defined in Section 1388 of the U.S. Internal Revenue Code, as amended) will be taken into account by the Member as gross income for federal income tax purposes for the Member's taxable year in which such notices of allocation are received by the Member. This provision is not intended to limit the generality of Article I, Section 5 of the Bylaws.
Patronage Dividends. The apportionment, distribution, and payment of net earnings to Worker-members provided for herein may be paid in cash, credits, or written notices of allocation as determined by the board in its sole discretion. Patronage Dividends shall be made fifty percent (50%) in cash and fifty percent (50%) to each individual Member Account as a written notice of allocation, unless different proportions are approved by the board within eight-and-a-half months following the fiscal year’s close – however, at least twenty percent (20%) must be distributed in cash. Written notices of allocation may be qualified or non-qualified or a combination of the two as determined by the board in its sole discretion.
Patronage Dividends
