Background:
Over the years, Basics has received requests to transfer Co-op Ownership from a deceased family member to a surviving family member. The Basics Bylaws governing the Co-op did not allow for such transfers.
In early 2018 a Co-op Owner requested that the Board discuss this issue for possible amendment.
At the meeting of the Basics Cooperative Board of Directors on May 8, 2018, Clarice moved that (Article II) section 2.5 of the by-laws be changed to read:
"Transferability. Ownership rights and interests may only be transferred to an immediate family member (child, spouse or parent), of a deceased individual, or the Co-op.”
Jaleh seconded the motion with unanimous approval, and the motion was submitted to the membership for a vote. Ballots were collected in late May and early June at Customer Service, online and at the Annual Co-op Owner meeting June 3. The motion was passed 47-2 and the Bylaws are amended to reflect the change.