Bylaws

New Bylaws: What Do They Mean to You?

The Co-op's new bylaws went into effect on the evening of October 28, 2013, when four members of the Co-op’s Board of Directors [1] and the Co-op’s Education and Member Services Director [2] counted 926 valid ballots cast by Co-op members over a period of eight days. Eighty-two percent of voters (760) voted YES, providing more than the minimum two-thirds vote required to pass the proposed bylaws.

In addition to simplifying the language in the bylaws, the main changes cover three areas: membership, capitalization, and Board of Directors. What will these changes mean to members?

Membership

Membership is now defined as a single individual or entity owning ten shares of Co-op stock, for a value of $50. Until the full ten shares are owned, the individual or entity will be called a subscriber.

Ten shares (full membership) will be required to vote and to qualify for member benefits.

Each membership shall have one vote associated with the member number.

Memberships opened after October 28, 2013, will be opened in the name of a single individual or entity. The member can designate additional individuals in their immediate household as cardholders who can use the member number when shopping and for member benefits.

Two-person memberships opened prior to October 28, 2013, will become single-person memberships. The membership will belong to the first person named on the membership (primary member). The second person previously named on the membership will continue to be a cardholder who can use the member number when shopping and for member benefits.

The main changes for those former two-person memberships will occur when voting and upon issuance of member-related documents, patronage refund checks, and so on. One vote will be allowed for the member number, and all member-related documents and communications will be in the name of the first person named on the membership.

If the second person named on the membership wishes to be a voter, s/he will need to own a separate membership. If desired, a portion of shares from the original two-person membership can be used toward the purchase of a second membership.

Capitalization

Two types of stock now exist, Class A and Class B.

The first ten shares needed for membership are Class A. Class A stock is redeemable for its full value upon cancellation of the membership.

Class B stock will be common stock owned by the cooperative as a whole, meaning it will not be redeemable upon demand. The Board will have the option to issue up to 80 percent of the patronage refund as Class B stock to members who own their requisite ten shares of Class A.

Class B stock will allow the Co-op to make capital improvements such as remodels, purchase new equipment, and replace high-cost items to increase the cooperative’s overall value to its members and shoppers.

All shares owned by members prior to October 28, 2013, will be grandfathered as Class A stock.

Board of Directors

Over the next three years, Co-op members will elect one additional Board member per year to bring the total number of Board members to twelve from the current nine.

[1] Kay Litten, Margaret Drye, Zeb Mushlin, John Rosenquest
[2] Rosemary Fifield

Hanover Store
45 South Park Street
Hanover, NH 03755
(603) 643-2667
7 am-8 pm

Co-op Market
43 Lyme Road
Hanover, NH 03755
(603) 643-5252
Mon.-Fri. 6 am-8 pm
Weekends 7 am-8 pm

Lebanon Store
12 Centerra Parkway
Lebanon, NH 03766
(603) 643-4889
7 am-8 pm

White River Junction
209 Maple Street
WRJ, VT 05001
(802) 295-3400
7 am-8 pm

Service Center
51 South Park St.
Hanover, NH 03755
(603) 643-6650
Mon.-Fri. 8 am-4:30 pm
Sat. 8 am-noon

(for select repairs)

Commissary
193 A St.
Wilder, Vt.
603-442-4406
Mon.-Fri. 6 am-2 pm