Notice To Shareholders
November 11, 2019
Dear Co-op Members:
In 1943, the Niskayuna Co-op was founded for the community by the community. When you become a member of the Co-op, you become an owner. Your ownership is what makes the Co-op unique and why your support is vital to our success.
At our Fall Membership Meeting on December 2, members will vote on proposed updates to the Niskayuna Co-op’s Bylaws and Certificate of Incorporation. The amendments allow the Co-op’s Board of Directors to set both the par and redemption values at $.01 for new member stock shares.
Please note: This change will only affect new members. Current members and shares will not be affected by this change. Shares purchased prior to January 1, 2020 will retain a $5 par value and redemption value.
These changes will support the Board’s action to increase the member share price from $5 to $25 for new members beginning in January, 2020. The $5 share price was established when our doors first opened – and has not been raised in 75 years! In today’s dollars, that $5 share would cost roughly $74. So, with an increase to $25 for new members, our membership would still cost far less than most co-ops around the country, some of which also charge an annual fee.
We believe that all of these changes will position the Co-op to continue to serve the needs of its members, maintain its vital role in the community and thrive for years to come.
You can find details of the proposed amendments below
The Niskayuna Co-op Board of Directors