Special Meeting

Special Member Electronic Vote
July 15  to 22, 2021


You should receive credentials by email on July 15. Voting is open from July 15 to 22.

If you don’t receive credentials by July 15 or if you have any questions, please contact info@sharedcapital.coop.

Question 1: Articles of Incorporation amendment: Vote to approve increase to number of authorized shares


Recommendation: The Shared Capital Cooperative Board and Management are recommending approval of the proposed amendments to the Articles of Incorporation to increase the authorized shares of all types of capital stock of the cooperative.

    • Yes” vote: approves proposed amendments to the Articles of Incorporation to increase the number of shares for Voting, Non-voting and Preferred shares.
    • No” vote: opposes amending Shared Capital’s Articles of Incorporation, keeping the number of shares and current possible capital.


Proposed Changes to Authorized Capital Stock

Type of share

par value

authorized # of shares

Current possible capital

Current actual capital

Proposed authorized # of shares

Proposed possible total capital

Voting

$10

1,000

$10,000

$4,060

10,000

$100,000

Non-Voting

$10

500,000

$5,000,000

$1,558,401

10,000,000

$100,000,000

Class A Preferred

$10

500,000

$5,000,000

$2,576,147

10,000,000

$100,000,000

TOTAL

1,001,000

$10,010,000

20,010,000

$200,100,000

Background
Shared Capital seeks to grow its capital in order to be able to finance more cooperatives to support a growing cooperative economy. The increase will allow us to raise more equity, including through an anticipated, upcoming direct public offering and through growth in membership over the coming years.

Click here to see the proposed amendment to the articles of incorporation.


Question 2: Vote to approve past Annual General Meeting minutes



Recommendation: The Shared Capital Board of Directors and Management are recommending approval of the Annual General Member Meeting Minutes from 2008-2021.

    • Yes” vote: approves minutes from Annual General Member meetings from 2008 to 2021.
    • No” vote: keeps the minutes in draft form, requiring agenda time in an upcoming meeting to address concerns and have a motion to approve minutes at that time.

Annual General Member Meeting Minutes 2008-2021 PDF
https://sharedcapital.coop/wp-content/uploads/2021/06/Compiled-Annual-General-Meeting-Minutes-2008-2021.pdf

Background
As the Cooperative has grown in number of members and geographic area where members are located, it became challenging to get approval of prior year meeting minutes each year. The minutes have been reviewed and approved by the Board of Directors each year. They have been presented to the membership at each Annual Meeting, but no vote has been taken since 2008. As we conduct this electronic vote of the full membership, we want to clean up this backlog. We ask that you vote “Yes” to approve the minutes for prior Annual meetings.