Special Resolution B: Debenture Shares

Special Resolution B.

That a new class of share, the ‘Supporter Debenture’, is introduced and available for purchase by organisations which bring financial value or effort to the Co-operative. They are the equivalent of the supporter share, but issued to legal organisations rather than individuals or natural legal persons. With a par value of €1 they may be purchased by or granted to organisations in recognition of a qualifying labour or financial contribution to the Co-operative. They are signed by an authorised officer or representative of the applying organisation. Supporter Debentures do not confer a role, vote or influence in Co-operative governance.
Supporter Debentures are generally non-transferable and may not be traded.

Neither interest, nor dividends are payable on supporter debentures. See the terms and conditions of supporter debentures.

That new clauses are added to the Rulebook in line with these terms and conditions and existing clauses are amended, subject to final approval by the board.

Resonate Rulebook

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Organisations can’t invest in the Co-op’s Supporter Shares at the moment, because supporter shares can only be held by a natural person. These Supporter Debentures are a simplified version of the supporter share - they don’t constitute ‘ownership’ of the co-op, confer any voting rights or bear any interest or pay dividends. They are a way for us to recognise the value of a contribution made to the co-op by an organisation.