REVOLVING CAPITAL ACCOUNTS. Capital share distributions not currently distributed by check shall be credited or charged to revolving capital accounts in the names of the recipient members. Revolving capital accounts shall accrue no interest and shall be assignable and transferrable only by the Cooperative unless an event identified in Article IV, Section 4 occurs. Revolving capital accounts may be redeemed only upon compelling circumstances as determined by the Board. Revolving capital accounts shall be redeemed at their carrying value on the books of the Cooperative or their net book value, whichever is the lesser of the two (2) values.
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
