Membership Meeting for Vote to Approve Dissolution per Bylaws

Dear member,

The Friends & Farmers Board of Directors invites you to an important membership meeting: 

September 18, 2019 from 6:00-7:30 PM 

New Leaf Initiative

243 South Allen Street in downtown State College Suite #337  

 

The purpose of this meeting is to discuss and vote on the dissolution of the Friends & Farmers Cooperative. 

During the July 2, 2019 board meeting, the Board of Directors voted to approve the dissolution of the Friends & Farmers Cooperative. Per the bylaws, for dissolution to proceed, it must now go to the membership for a vote and be approved by a two-thirds vote of members participating in the vote which will take place at the September 18th membership meeting.

At the membership meeting, the Board will provide an update of the work we have done over the past six months and our reasoning behind this very difficult decision, so that members may cast an informed vote. After the Board update, there will be an open comment period for members to provide their thoughts and the vote will follow. In the event the member vote agrees with the Board vote to dissolve the Cooperative, certain steps shall follow. The Cooperative’s financial obligations will be fully satisfied, its assets liquidated, and any remaining member equity returned to members in accordance with the Cooperative’s bylaws.

In the event you are unable to attend the membership meeting but wish to participate in the board vote, please vote online at: https://tinyurl.com/y48xnn9m. Please note, this link will go live on September 18th at 6:00PM until September 25th at 7:00PM.

We hope to see you at the membership meeting.

Sincerely, 

The Friends & Farmers Cooperative Board of Directors


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