1. Responsibilities of Membership. I understand that Membership and the rights of Membership are subject to the Cooperative’s Articles of Incorporation, Bylaws, and Board Policies, as they may be amended from time to time. I agree to be bound by all such documents. I may access an up-to-date copy of the governing documents and policies at https://artisans.coop/policies-plans and may also receive a paper copy on request.
2. Restrictions on Transfer; Redemption. I understand Member shares are not transferable, except for a transfer back to the Cooperative; redemption rights are restricted in accordance with the Bylaws; and that failure to make payments hereby agreed may result in suspension of participation rights in the Cooperative and forfeiture of share purchase payments made.
3. Risk Acknowledgement. I understand that, as with any start-up enterprise, Member equity is subject to risk, including the risk of loss. I understand and acknowledge that my entire investment is at risk of loss if the Cooperative is not financially successful. I understand that if the Cooperative cannot achieve its business plan, I not only may not receive any patronage dividends, but that I may also lose the amount I paid for my share of membership stock as well, for example if the Cooperative goes bankrupt. I acknowledge that Member equity is subordinate to all other debts of the Cooperative.
4. Obligation to Update. I agree and acknowledge that it is my responsibility to provide updated contact information to the Cooperative whenever any of the contact information provided above changes.
5. Member’s Tax Responsibility. I understand that if the Cooperative distributes a patronage dividend to me and any part of the dividend is paid as a ‘qualified written notice of allocation’ (as defined in 26 U.S.C. § 1388), I promise to include that amount in my taxable income in the year in which the written notice of allocation is received, as provided in 26 U.S.C. § 1385(a).
6. Termination of Membership. I acknowledge that my membership can be terminated in any of the ways identified in the Board’s policy on termination.
7. Electronic Notice. I consent to electronic notice for all purposes, including notice of meetings, at the email address specified above. Per Section 4 of this Membership Agreement, it is my responsibility to inform the Cooperative if my email address changes.
8. Amendments. This Membership Agreement may only be amended by a written document duly executed by all parties.