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The undersigned hereby, applies, subject to the terms and conditions
set forth herein, for membership in AFT Cooperative Associates and
tenders an application fee of $________________________
The
undersigned agrees to be bound by all of the terms and conditions of
the Articles
of
Association, the By-Laws as they may from time to time be amended
and any other
Rules or Regulations heretofore or hereafter duly promulgated by the
Cooperative, copies
of
all of which are available for inspection at the office of the
Cooperative located at 910 Lincoln Avenue, Detroit Lakes, Minnesota.
The undersigned specifically acknowledges
and agrees that these provisions require him to:
A. Under certain circumstances, redeem his membership in the Cooperative.
B. Restrict the sale of his membership in the Cooperative, and
C. Include in his income
for Federal and State tax purposes, at its stated dollar amount all
patronage dividends declared by the Cooperative paid in cash or
"qualified written notices of
allocation" pursuant to the Internal Revenue Code of
1954, as amended and the
undersigned hereby specifically consents to do so.
This Application is subject to acceptance by the Cooperative's Board
of Directors, or its designee, and if accepted the undersigned
agrees to forthwith pay the dues set by the
Board. If the Application is, for any reason, rejected the
undersigned's aforementioned
deposit shall be returned to him forthwith. The undersigned hereby
agrees to furnish to
the Board of Directors,
or its designee, such other information as the Board, or its
designee, may request in its
consideration of this Application, provided, however, such
information shall be held by the Board, or its designee, in strict
confidence and shall not be communicated to any other person
or entity without the written consent of the
undersigned.
Dated:__________________,__________.
______________________________________
Signature of Applicant
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Received: _______________________ , 20___.
Accepted: _______________________ , 20___.
Rejected: _______________________ , 20___.
______________________________________
Authorized Signature
NOTE TO APPLICANT:
PLEASE ATTACH ALL INFORMATION REQUESTED ON
THE ATTACHED SHEET.
Application for Membership in
AFT Cooperative Associates
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MEMBERSHIP CRITERIA
1) Have permission from two of the
closest members before the application will be
submitted to the Board of Directors.
2) The Applicant will furnish a
personal financial statement and/or a corporate financial
statement and any pertinent financial data required by the
Board.
3) Statement of intent. This is a farm
retail business, basically, and is to be reviewed by
the Board.
4) During the first, second and
third year of business, AFT will require a financial statement. The
Board may ask for a current financial statement at any time.
5)
Change of 50% or more of ownership will be reviewed as a new member.
6) Members of AFT opening a new
store will be treated as a new member. (Refer to item #1 above; new
member criteria.)
7)
Complete a copy of the attached Application for Membership form.
8) The Board of Directors will
evaluate the management of the business as a criteria for
membership.
THESE ARE THE MINIMUM CRITERIA AND THE BOARD OF DIRECTORS MAY REQUEST
ANY ADDITIONAL CRITERIA IT DEEMS NECESSARY IN
BECOMING A MEMBER OF AFT ASSOCIATES.
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************ APPLICATION **********
PLEASE TYPE:
NAME:
ADDRESS:
MAILING ADDRESS:
PHONE NO:
FAX NO:
NAME OF PRINCIPLES:
HOME ADDRESS:
PHONE NO:
ON
SEPARATE PAGES, PLEASE ANSWER THE FOLLOWING:
DESCRIPTION OF TRADE AREA (INCLUDE MAP, IF POSSIBLE):
DESCRIPTION OF FACILITY (PLEASE SEND PICTURES):
WHO ARE YOUR CLOSEST FARM STORE COMPETITORS:
PERSONAL BUSINESS EXPERIENCE:
PERSONAL REFERENCES:
BUSINESS REFERENCES:
BANKING REFERENCES:
BANK NAME, ADDRESS & PHONE # OF THE OFFICER IN CHARGE OF YOUR
ACCOUNT:
CURRENT SIGNED FINANCIAL STATEMENT:
DATE OF PROPOSED START OF OPERATION, IF A NEW OPERATION:
ANY OTHER INFORMATION THAT MIGHT HELP THE BOARD OF DIRECTORS:
ALL NEW MEMBERS WILL
BE APPROVED BY THE BOARD OF DIRECTORS AND THE CLOSEST MEMBERS WHERE
APPLICABLE.
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APPLICATION CHECKLIST:
1. Do you have a minimum operating inventory of $150,000
which does not include fixtures and
equipment? YES NO
2. Do you have a minimum operating capital of
$50,000? YES NO
3. Do you have a minimum retail space of 5,000 square
feet? YES NO
4. Do you have adequate parking and outdoor storage
areas? YES NO
DATE
____________________
SIGNATURE OF APPLICANT
___________________________________________________
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