What does it mean to be an owner?

Louisville Community Grocery, LCA - Individual Consumer Owner Agreement

I hereby apply for ownership in the Louisville Community Grocery, LCA. With my ownership fee payment, as further described below, I become a part owner of the Louisville Community Grocery. Owner equity is used for the development, operation, and expansion of this Louisville area business. As an owner, I intend to support the local economy by providing healthy, affordable food through just and equitable practices. I understand that ownership is subject to the terms and conditions set forth in Louisville Community Grocery, LCA’s Articles of Organization and Bylaws. I have received a copy of and reviewed the Articles of Organization and Bylaws. I understand that the individual signing this Owner Agreement is the person who will have voting rights in the cooperative. I will list additional household members (for individual ownerships) or business/ organization members (for business / organization members) who may use my owner number to shop. Once the full ownership fee is paid, no additional payments are necessary unless the owners authorize an increase in the ownership amount or assess an additional contribution to a class of owners. I understand that my ownership is subject to the same risks inherent in any start-up enterprise and that such risk may result in the loss of part or all of my ownership fee. Owner refund and buy-back policies are located in the Bylaws. Patronage refunds and dividends are at the discretion of the Board of Directors; only paid-in-full owners are eligible to receive them. I am liable for any taxes that may accrue in the year a refund is provided or a dividend is paid in accordance with IRC Section 1385 including portions held by the cooperative until termination of my ownership interest. Louisville Community Grocery, LCA, collects consumer purchase data in order to track general shopping trends and to determine patronage dividends. Full individual ownership is reached at $150 and a consumer-owner receives one vote in the Louisville Community Grocery. Full Business/ Organization ownership is reached at $500 and each business/organization owner receives one vote in the Louisville Community Grocery. The owner who signs this agreement is the person who will have voting rights in the cooperative. All owners participating in the Louisville Community Grocery ownership campaign will receive public recognition upon store opening. Worker owners will have 40% vote (after there are 7) in General votes, and consumer owners (after there are 100) will have 60%. If an individual does not have enough money for the ownership fee upon application and acceptance, as determined by the Board of Directors of the Louisville Community Grocery, LCA, then the new owner may be credited with the fee as part of a payment program.