Membership Agreement DN-D3
Membership Agreement DN-D3
DANDELION COMMUNITY CO-OPERATIVE INC., a Co-operative incorporated under the laws of the Province of Ontario, having its head office at the village of Enterprise, in the county of Lennox and Addington,
OF THE FIRST PART
OF THE SECOND PART
AGREEMENT made this __________day of_______ , 19___ , between Dandelion Community Co-Operative Inc., an Ontario Co-Operative, in the village of Enterprise, in the Township of Camden East and the Province of Ontario, and residing in the Village of Enterprise, in the Township of Camden East, Province of Ontario, hereinafter called the "Incoming Member".
1. During the term of this Agreement, the Incoming Member shall devote cos best efforts to advance the interests of the Community, shall perform cos duties to the best of cos ability and shall behave in accordance with the Community's Articles of Incorporation, Bylaws, Rules and Regulations, and Behavior Code, all of which the Incoming Member has read and become familiar with, and shall perform such other work as may be required of co by the Community under and subject to its instructions, directions and control. The Community in turn agrees to confer upon the Incoming Member all the rights and privileges of membership pursuant to the Bylaws of the community.
2. The term of membership shall be for an indefinite period but may be terminated upon seven (7) days written notice delivered to the governing body of the Community by the member, or upon three (3) days written notice delivered to the member by the Community pursuant to the Bylaws of the Community.
3. The Incoming Member hereby agrees to provide a list of all cos assets, both real and personal, except those assets co deems private under the terms of the Community Property Code. This list shall indicate the manner in which the said assets shall be loaned to the Community under the terms of the Community Property Code, shall be agreed upon and signed by the Incoming Member and two (2) officers of the Community at the date of the signing of this Membership Agreement. The Incoming Member hereby agrees to lend the aforesaid assets to the Community in accordance with the Community Property Code.
4. The Community hereby undertakes that upon the termination of the member's membership, it shall normally repay to the said member an amount of not less than twenty percent (20%) per year of the total amount of the original open loan, from the date of the termination of the membership, pursuant to Section 64(6) of the Co-Operative Corporations Act of Ontario, R.S.O. 1973. It is understood that if, pursuant to sections 64(6), 67(1)(a) and 67(1)(b) of the aforesaid Act, the Community is of the opinion that such a schedule of repayment would be detrimental to its financial stability, or if the Community is insolvent, and other schedule of repayment may be entered upon by the Community.
The Community further undertakes that, for those assets of the member that were loaned as a donation loan and/or a trust loan, it shall abide by the terms of the Community Property Code as to repayment of the said assets.