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Mad River Glen Cooperative

Delinquent Advance Purchase Requirement Policy

November 2, 2000

 

 

In accordance with the Cooperative’s Bylaws, Article II, Section 2.1 and 2.4, and with the Application for ownership completed by each shareholder, all shareholders on or before October 1 of every calendar year are obligated to make an advance purchase from the Cooperative on an equal share basis with other owners.

 

In that certain shareholders fail to make such payment, these shareholders will be considered to be in arrears and will fore go the following shareholder benefits:

 

Voting rights

Special discounts for season passes and tickets

Alpine Option discounts

Any entitlement as determined by the Board of Trustees

 

In accordance with Article II, Section 2.4 of the Cooperative’s Bylaws, owner’s will be notified after 30 days after October1 that they are delinquent and if payment is not received within 30 days of notice, they will be placed into inactive status.

 

A fee of $15.00 will be charged to their account if such notice is required. Payment of said fee would be required to regain active status.

 

The Cooperative as per Article II, Section 2.7 may terminate ownership, if owner fails to make payment of two consecutive year’s APR payments. However, return of investment shall not take place until all authorized shares have been sold. Upon the sale of all authorized shares, return of investment will be pursuant to Articles IX and X of the Bylaws of the Cooperative.

 

Management will maintain a list of all owners who are delinquent in their APR payments. This list will be available to members of the Board of Trustees but shall not be made available to owners.