BY-LAWS OF WISCO COOPERATIVE ASSOCIATION
ARTICLE III. – MEMBERSHIP

 

Section 1. Only a person, or business entity, including but not limited to partnerships, limited liability companies, limited partnership, limited liability partnerships or corporations which is an authorized new car, and/or new truck, and/or used car dealer is eligible to acquire stock and become a member of the cooperative.

Section 2.  No member may transfer stock, except on the books of the cooperative to an authorized person, and with consent of the Board of Directors.

Section 3. The cooperative shall have the right to purchase each member’s capital stock and equity when such stockholder:

a. Ceases to be an active patron for one year.

b. Fails to pay their account within thirty days after billing.

c. Is deceased.

d. Is dissolved or goes into any form of liquidation under State or  Federal Bankruptcy law.

e. Ceases to be an authorized dealer as described in Section 1.

Section 4. The Board of Directors shall have the right to charge any indebtedness of the stockholder – member to the cooperative – against the equity account and stock of the stockholder member.

Section 5.  A person or entity shall apply for membership and the application shall be acted upon at the next Board of Directors meeting.

I ___________________________ having read and understand the above by-laws of  WISCO COOPERATIVE ASSOCIATION, do

                 (Print Name)
hereby make application for membership in said Association.

                                                                                          _______________________

(Signed)

Date: _____________________

 

PLEASE MAKE MEMBERSHIP OUT AS FOLLOWS:

_____________________________________________
            (Only a person or business entity)

_____________________________________________
             (Street Address)             (PO Box)
____________________________________________
       (City)                                  (State)                  (Zip)