Member-owners, as a democratically owned and operated business, exercising your right to vote on the proposed amendments to our Certificate of Incorporation and bylaws is an important way for you to help shape the direction of the co-op, moving us closer to opening the doors in the strongest financial position possible.
When and Where:
February 25, 2014
6:30 p.m. at the Aurora Town Hall, 300 Gleed Avenue, East Aurora NY
RSVP kindly requested at [email protected] or 912-0672.
6:30 – 6:45 Gather
6:45 – 7:05 Overview and Q & A
7:05 – 7:20 Vote
What you need to know to vote:
The proposed changes will permit the co-op to offer preferred shares as a fundraising mechanism during our upcoming capital campaign. Preferred shares are separate from what is known as common shares. A common share is the $200 you paid to become a member-owner.
Why does the board want to make this change?
In order for us to properly capitalize the project, we must use a number of funding approaches. Our finance committee, with input from our consultants, has concluded that preferred shares is a necessary vehicle to generate the equity required to finance construction and all other costs associated with opening.
Preferred shares are not part of our current Certificate of Incorporation; therefore, we have drafted an amended COI and must get the approval of member-owners at our special meeting on Feb. 25. As securing our site nears, adopting this change sets the stage for the capital campaign.
How do the Certificate of Incorporation and bylaws change?
Only member-owners can change the Certificate of Incorporation and bylaws. In accordance with our bylaws and New York State requirements, affirmative vote of 2/3 of member-owners voting at the meeting is required for the amendment to pass. We must have 50 member-owners present for a quorum. For our current bylaws, visit: eastaurorafood.coop/about/bylaws/.
Will the offering of Preferred Shares have an impact on my ability to vote in the future?
No. Unlike your member-owner common share, preferred shares have no voting power. As always, each primary member-owner has one vote.