Withdrawal of Equity Form
March 14, 2023


The Redemption of Shares is based on a number of criteria specified through the Rules, sometimes referred to as the “Bylaws” of the Slocan Valley Co-operative Association, regulated per the Co-operative Association Act, as made and amended from time to time by the special resolution of the members of the Association.

Redemption of shares is subject to the Act and these Rules, when a member withdraws from membership, they may apply to withdraw the equity held by the Slocan Valley Co-operative on the basis of the following:

a)  Moving away from the trading area
b)  At age 65-or-over for a Senior’s Redemption to the minimum value of shares to retain membership
c)  Bankruptcy, liquidation or dissolution
d)  Member holder’s death

The following criteria must be met for proof of each:

a)  Moving away from the trading area:
     - A copy of a recent utility bill identifying member name and new address

b)  At age 65-or-over (Senior’s Redemption)
     - Proof of age by driver’s license, birth certificate, or other document bearing the name of the member and their date of birth

c)  Bankruptcy, liquidation or dissolution
     - Notice of order, notification via financial institution or agent of receivership or notary public

d)  Member holder’s death
     - A copy of the member holder’s death certificate

Applications are reviewed at the next scheduled monthly Board of Directors Meeting. If approved, the Association must redeem the equity of the withdrawing member within six (6) months after the member withdraws, and redeem all remaining membership shares that may occur as a result after the application of patronage returns credited to the member, within the time period the Board deems appropriate and in accordance with the order of priority specified in Rule 21.12.

The priority of redemption of membership shares:
  - Estates of individual members
  - Senior’s Redemption's
  - Members moving out of the trading area
  - Remaining members according to a formula determined from time to time by the Board
  - Member requesting redemption of shares for other reasons, including, but not limited to:
         - Liquidation and dissolution, or receivership, of a member eligible organization;
         - Bankruptcy of a member

The transfer of equity can be performed between two existing members of the Slocan Valley Co-operative Association, but may not be approved until any debt due the Association by the transferor have been paid in full, and the transferee has applied for and been approved for membership by the Board of Directors.

For additional information, please contact the Administration Office of the Slocan Valley Co-op:
Address: PO Box 10
3024 Hwy 6
Slocan Park, BC
V0G 2E0
Phone: 250-226-7433
E-mail: membership@slocanvalley.crs

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