Greenbelt cooperator., 1939-12-07
COOP SUBSCRIBERS TO TAKE
FINAL ACTIONS NEXT TUESDAY

The Cooperative Organizing Comi ttee is calling
all subscribers for shares in Greenbelt's proposed
Tuesday evening, December II, in the Auditorium.
Chairman W. R. Volckhausen that the meet
ing will be open to all, but only subscribers will
The business of the meeting will be consideration
Of the C.oc.'s final recommendation Of (1) finan-
cial agreement under the of which the coopera
tive would return the sc, 900 advanced it by
sumer Distribution Corporation, and (2) bylaws
which would govern the conduct of the cooperative.
The bylaws and financial agreement approved by
the subscribers at this meeting will the basis
Of negotiations which C.D.C. expected result in
the taking of the local stores January 2,
1910. The C.o.C. will request written vote on
both documents, and all further negotiations will be
based upon the financial agreement and bylaws ap
proved at this meeting.
Copies of the proposed financial agreement and
bylaws, approved by the Co.C., will be deliver
ed all subscribers advance of the meeting, to
permit consideration of the documents before final
action is taken December Il.
The first draft of the proposed financial agree
ment drawn up last June by the finance sub-com
mittee Of the C.o.C., acting under the leadership of
Howard Custer. It modified by the Coo. and by
the subscribers in public hearings held in June and
has since been subject revision at the hands Of
the finance sub-comi ttee and of the CoC., acting
with the advice of Farm Security and Consumer Dis
tribution Corporation attorneys. Because both F.S
A. and c.D.c. representatives have been advised Of
and consulted in the drawing up of the agreement,
the C.o.C. anticipates difficulty in securing the
The financial agreement provides, essentially,
for repayment Of the C.D.C. investment Of about
900 in the local stores the remaining eight
year period Of the lease, wi tn clauses protecting
the cooperative from obligation to make excessive
payments during periods, and clauses protecting
C.D.C. in the of misnanagenent Of the coopera
tive or failure on the part of the cooperative to
live up to its obligation. The version Of the a.
gremt to be presented at the subscribers meeting
approved unanimously by the c.o.c., and has
ceived unofficial approval the solicitors office
Of the Department Of Agriculture.
The first draft of the proposed bylaws drawn
the craftsmanship and respeo-
lively Of Joseph LOTUS and B. P. Yaell. Like the
financial agreement, the proposed bylaws then
amended by the COG. and by the subscribers during
hearings Last June, and tentatively approved by
the subscribers following those hearings. They
since been modified by the bylaws comm ttee and the
c.O.C., acting with the advice of F.S.A. DC.
lawyers.
The bylaws Of the cooperative, besides insuring
the cooperative character of the association, will
govern such major matters the qualifications and
privileges Of membership, the issuance of patronage
returns, the election of directors, the conduct and
frequency Of membership meetings, the responsible
ties Of the board Of directors, the privileges of
patrons and Of neutrality-suspicious., the inter-
est Of share capital, the disposition of savings,
and the setting up of protective reserves.
The action to be taken by the subscribers at this
meeting will be final, Will to large extent deter
mine the future conduct Of the cooperative, and Will
provide the basis for final negotiations between the
C.o.C. and Consumer Distribution Corporation.