Greenbelt cooperator., 1942-05-15
GCS Certificates
To Be Distributed
To Stockholders
By r. S. SOWELL

a. peloohS having d snare
certlficate, representing stock
holdings in Greenbelt Consumer
Services coming to them, may OBJ
tain their certificate by calling at
the cooperative's office, located
over the drug store, at any time
during business hours, 9 A. M. to
5 P. M, it was announced
Monday.
A share certificate cannot be
mailed to it's owner because of
the necessity of obtaining the sig
nature of the person receiving it.
Either party of a joint account
may sign for and receive their
share certificate, it was stated.
The management of G. C. S.
urges all members who have COM
pleted payments for full shares
to obtain their certificates as
early as is convenient for them
TO do so.
A share in G. C. S. costs $40.
The first share entities the holder
to vote at membership meet
ings, which are held every three
months. Regardles of the number
of shares held by a person, he is
entitled to but one vote. This is
an established cooperative prin-
ciple.
Joint Accounts Available
However, man and his wife
may have a joint account and, by
the purchase of two shares, have
two votes, the same number they
would have if the shares are held
in seperate accounts. The main
advantage of having a Joint ac-
count is legal, it was pointed out.
Either person of the joint ac-
count ca nreceive payment or take
other action in respect to that
account should the other party be
absent, either through death or
otherwise, without delav and
effort -csused by legal rad tape"
Voting shares are called Series
A stock. Non-voting shares, or
Series B stock, are issued to
those who already have Series A
shares, or to minors. A share is
not issued and a certificate is not
prepared until a person has COM
pleted payment on such share.
The 5-per cent stock dividend is
not paid except on fully-paid
shares, including both Series A
A and Series B stock.
Members Asked to Pay Up Shares
At the last membership meet
ing, held May 6, it was reported
that partially-paid subscri ptions
represented quite number of
accounts. The membership COM
mittee is preparing a list of per-
sons who have made these partial
payments on shares. 1t will then
endeavor to encourage them to
complete payments on these par
tially-paid subscriptions so that
they may receive the 5-per cent
stock dividend.
G. C. S. is in dire need of ad-
ditional share capital. 1t needs
more cash on hand with which to
conduct day-to-day business oper-
ations and to cash the large num-
her of salary and personal checks
for its members and patrons.
1t needs additional capital for
the purpose of purchasing much
ne e d ed equipment, such as
another press in the valet shop
where the present press is now
overworked. The drug store has
a need for additional kitchen
equipment because the expanded
business of that store overtaxes
the nresent equipment.
Additional Stores Nav Be Needed
Also, officials of G. C. S. are
eveing the future. They can
foresee the probabilities of pro-
viding additional store and service
facilities because of an enlarged
Greenbelt. Some of the enter
prises are now being severely tax
ed because of needed expansion
of facilities.
For these reasons, it was stated,
G. c. S. cannot relax its efforts
to raise additional capital. The
cooperative has the responsibility
of providing all the store facilities
in Greenbelt, in addition to COM
pleting payments on the loan
made by Consumer Distribution
Corporation when the organiza-
ton was established. and the
board of directors and the man.
agement are very conscious of
this responsibility.
Business at present is brisk due
mainly to the increased number
of patrons, and when the enlarged
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