Common use of Surrender of Stock Upon Termination Clause in Contracts

Surrender of Stock Upon Termination. On or before the effective termination date of Member's rights under this Occupancy Agreement pursuant to Section 14.1 of this Occupancy Agreement, Member shall surrender to the Corporation his or her stock certificate and Occupancy Agreement, endorsed in any manner that may be required by the Corporation. Whether or not the instruments are surrendered, the Corporation may thereupon at its election cancel the stock and treat the cancellation as a purchase of the retiring Member's interest in the Corporation or sell the interest to a new purchaser, and pay the purchase amount less authorized deductions to the former Member in accordance with the Bylaws.

Surrender of Stock Upon Termination. On or before the effective termination date of MemberShareholder's rights under this Occupancy Agreement pursuant to Section 14.1 Paragraph 19 of this Occupancy Agreement, Member Shareholder shall surrender to the Corporation Cooperative his or her stock certificate and Occupancy Agreement, endorsed in any manner that may be required by the CorporationCooperative. Whether or not the instruments are surrendered, the Corporation Cooperative may thereupon at its election cancel the stock and treat the cancellation as a purchase of the retiring MemberShareholder's interest in the Corporation Cooperative or sell the interest to a new purchaser, and pay the purchase amount less authorized deductions to the former Member Shareholder in accordance with the Bylaws.