About
Membership Share
A $5.00 Membership share is taken on deposit for each new account number. Purchasing a share makes you a Member which allows you to attend and vote at our annual meetings, to receive Share Equity and to redeem your share when your account is closed.
Surplus Shares
Share Equity is determined by the board of directors and varies from year to year and is paid to the member account in the first quarter of the following year.
It is calculated on the amount of interest a member earned on investments and/or the amount of interest a member has paid on loans.
Can Surplus Shares be Redeemed?
They can be redeemed if in the following situations:
- Member moves out of the trading area – closes their account
- Member reaches age of 69.
- Share Equity balance reaches over $10,000.00 (to be paid out in cash over a maximum period of five years)
- Member becomes deceased.
Exceptions can be made in the following situation:
- Legal claims of government and other third parties
- Individual, association or corporate bankruptcies or dissolution
