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804 Gift/Forfeiture

In becoming a patron of this Cooperative, each patron acknowledges the necessity of keeping the administrative office of the Cooperative advised of his or her current residence and mailing address so that Cooperative business, including orderly, efficient retirement of capital credits may be accomplished without undue inconvenience and expense to the other patrons.  Accordingly in becoming a patron, each patron consents on his or her own behalf and on behalf of his or her heirs at law that failure to keep the Cooperative advised of residence and mailing address shall constitute an expression of said patron’s desire to gift and/or forfeit all capital credits due for retirement and said capital credits may be transferred to the general account of the Cooperative.

The following events shall be evidence of such a gift/forfeiture by the patron:

  1. Return to the Cooperative of a properly postaged mailing addressed to the last address provided by the patron to the Cooperative administrative office, and
  2. Failure on the part of the patron or his or her heirs to request delivery of such capital credit retirement for a period of one year following the Cooperative’s attempt to deliver capital credit at an annual meeting or by mailing, whichever is later.
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