Use of Contributions. The contributions provided by the Members during our initial Capital Campaign will be held in escrow or trust until the capital goal of three million dollars ($3,000,000.00) is reached. It this capital goal cannot be reached and members do not agree on another capital goal amount, no part of member contributions can be used to fund an expense or project of the Cooperative. If the Capital Goal cannot be met and no other agreement is made by members, all invested capital will be returned based on each member’s dollar contribution. When the agreed upon capital goal is reached, the escrow will be closed and Member contributions will be released to fund cooperatives’ first business; the Us Lifting Us Market and Exchange. The Board of Directors will utilize additional capital contributions pursuant to finance other efforts and projects as determined at the discretion of the Board of the Cooperative.
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
