PATRONAGE EQUITIES Sample Clauses

PATRONAGE EQUITIES. Patronage refunds may be distributed in cash, qualified and non-qualified allocated patronage equities, securities of this Cooperative, other securities, or any combination thereof designated by the Board and other equity may be distributed to members or patrons in the form of allocated non-patronage equity. All such equity is referred to collectively herein as "Patronage Equities", including, without limitation, the following: (i) ALLOCATED PATRONAGE EQUITY, which may be in one or more than one class or series, in such designations or denominations, and with such relative rights, preferences, privileges and limitations as may be fixed by the Board, with no maturity date, and bearing no interest, dividend or other annual payment. (ii) ALLOCATED NONPATRONAGE EQUITY, which may be in one or more than one class or series, in such designations or denominations, and with such relative rights, preferences, privileges and limitations as may be fixed by the Board, with no maturity date, and bearing no interest, dividend or other annual payment. Allocated Nonpatronage Equity may be distributed to patrons as part of the allocation and distribution of nonpatronage income. Such certificates shall be callable for payment in cash or other assets at such times as may be determined by the Board.
Sample 1
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Related to PATRONAGE EQUITIES

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