Show Notice of Meeting To Members Moon Lake Electric Notice is hereby given that the regular annual meeting of the members of the Moon Lake will be helu at the Uintah High School building in Uintah SUite of at the hour of p.m. on the day of for the following L To fleet a director who will represent District L To elect a director who will represent District S. To elect a director who will represent District To amend tin By-laws of the Association as ARTICLE II Liabilities of Members Property interest of Members shall have no individual or separate interest in the property or assets of the Cooperative except that upon the dissolution of the the property and assets of the Cooperative remaining after all liabilities and outstanding patronage capital credits to patrons have been shall be distributed among the members in the proportion which the aggregate of each patron bears to the total all members during the seven years next preceding the date of the filing of the certificate of if the Cooperative shall not have been in existence for such during the period of its Section for debts of the The property of the members shall be exempt from execution or other liability for the debts of the Cooperative and no member shall be individually liable or responsible for any debts or liabilities of the except insofar as the patronage capital credits of each patron credited to such patron by the can legally be held for the debts and liabilities of the Article 7 of the By-laws shall le amended to read as ARTICLE VII Disposition for Revenues and Receipts Section Interest or Dividends on Capital The Cooperative shall at all times be operated on a cooperative non-profit basis for the mutual benefit of its No interest or dividends shall be paid or payable by the Cooperative on any capital furnished by its patrons Section Patronage Capital in Connection with Furnishing Electric In the furnishing of electric energy the Cooperative's operations shall be so conducted that all patrons will through their patronage furnish capital for the In order to induce patronage and to assure that the Cooperative will on a non-profit basis the Cooperative is obligated to account on a patronage basis to all its patrons for all amounts received and receivable from the furnishing of electric energy in excess of operating costs and expenses properly chargeable against the furnishing of electric All such amounts in excess of operating costs and expenses at the moment of receipt by the Cooperative are received with the understanding that they are furnished by the patrons as The Cooperative is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and The books and records of the Cooperative shall be set up and kept in such a manner that at the end of each fiscal year the amount of if so furnished by each patron is clearly reflected and credited in an appropriate record to the capital account of each and the Cooperative shall within a reasonable time after the close of the fiscal year notify each patron of the amount of BO credited to his All such amounts credited to capital account of any patron shall have the same status as though they had been paid to the patron in cash in pursuance of a obligation to do so and the patron had then furnished the Cooperative corresponding amounts for In the event of or liquidation of the Cooperate o after all outstanding indebtedness f the Cooperative Shall have been outstanding capital credits shall be retired without priority on a basis before any payments are made on account of property rights of at any time prior to dissolution or the board of directors shall determine that the financial condition of the Cooperative will not be impaired the capital then credited to patrons' accounts mav be retired in full or in part Any such retirements of capital shall be made in order of priority according to the year in which the capital was furnished and the capital first received by the Cooperative being first In no may any such capital be retired after the proposed the capital of the Cooperative shall equal at least forty per of the total assets of the Capital credited to the account of each patron shall be assignable only on the books of the Cooperative pursuant to written instruction from the assignor and only to successors in interest or successors in occupancy in all or a part of such patron's premises served by the Cooperative unless the board of acting under policies of general shall determine Notwithstanding any other provision of these the board of at its shall have the power at any time upon the death of any if the legal representatives of his estate shall request in writing that the capital credited to any such patron be retired prior- to the time such capital would otherwise be retired under the provisions of these to retire capital credited to any such patron immediately upon such terms and conditions as the board of acting under policies of general and the legal representatives of such patron's estate shall agree that the financial condition of the Cooperative will not be impaired thereby The patrons of the by dealing with the acknowledge that the terms and provisions of the articles of incorporation and bylaws shall constitute and be a contract between the Cooperative and each and both the Cooperative and the patrons are bound by such as fully as though each patron had individually signed a separate instrument containing such terms and The provisions of this article of the bylaws shall be called to the attention of each patron of the Cooperative by posting in a conspicuous place in the Cooperative's Section Patronage Refunds in Connection with Furnishing Other In the event that the Cooperative should engage in the business of furnishing goods or services other than electric a 1 1 amounts received and receivable which are in excess of costs and expenses properly chargeable against the furnishing of such goods or services shall insofar as permitted by be prorated annually on a patronage basis and returned to those patrons from whom such amounts were To consider any further business which should properly be brought be- fore said Registration will begin at the hour of a.m. Signed this day of RAY President RALPH Secretary-Treasurer Published February |