Whereas the Co-op has accepted investment capital, and
whereas the Co-op refers to these investments as Member Investor shares, and
whereas the Board is charged to declare an annual dividend on Member Investor shares, and whereas in fiscal year 2010 the Co-op reported negative net savings,
THEREFORE BE IT RESOLVED Black Star Co-op Board of Directors declares a dividend of 0% on Member Investor shares for fiscal year 2010.
Be it further resolved that for fiscal year 2010 the Co-op makes no allocation to an educational fund or a general welfare fund, and no allocation for patronage refund.
Be it further resolved that the negative net savings of fiscal year 2010 shall be allocated to retained earnings and carried forward on the Co-op’s balance sheet.
Passed March 20, 2011 by the Black Star Co-op Board of Directors
Do you like this? Share It!
