NYC REIC Member Acknowledgement
There are 4 requirements for active membership in the New York City Real Estate Investment Cooperative (NYC REIC):
1. reading and signing this agreement,
2. contributing a member fee of $10,
3. attending a quarterly General NYC REIC Membership meeting,
4. and endeavoring to conduct membership in accordance with the principles of cooperation.
I am paying a $10 member fee to secure my membership in the NYC REIC. Member fees and future investments, if any, will be pooled to create a collective fund to preserve affordable space for small businesses, community, and culture in NYC. My $10 will be returned on April 28, 2017 if no such fund has been established by that date. I understand that this money will be held by the interim facilitation team for the NYC Real Estate Investment Cooperative, an unincorporated association, and that my money will be placed into the organization’s account.
I acknowledge that not all of the NYC REIC’s decisions will be made with all-member participation, especially in the early stages of the NYC REIC’s formation. I expect the leadership team of the NYC REIC (including, e.g., the interim facilitation committee and, later, the NYC REIC Board which will replace it) to conduct the affairs of, and make decisions regarding, the NYC REIC in accordance with the cooperative principles. Further, I can expect the NYC REIC, as it moves from an exploratory phase to a formal entity, to build in more opportunities for member participation in the cooperative’s decision-making.
I understand that in this early stage of the NYC REIC, working groups of active members will define the structure and goals of the NYC REIC and its operations. Participation in working groups is a key element of member control over the activities of the NYC REIC.
I understand that once I have fulfilled the four requirements listed above, I will be an active member of the NYC Real Estate Investment Cooperative. I will have the right to participate in decision-making by joining a working group and, for any all-member vote, I will have the ability to participate with a vote equal to all other members.
I understand that until I have fulfilled the four requirements listed above, my membership will not be active. As long as my membership is not active, I will not be able to: participate in working groups, run for NYC REIC positions, or vote in Board elections. Only active members may participate in working groups, run for NYC REIC positions, or vote in Board elections. I understand that to activate my membership, I must fill out this membership form and also attend a General Meeting (dates below), pay my member fee either in person or by mail, and read the principles of cooperation.
To request that my contribution be returned and my membership terminated at any time, contact email@example.com. I understand that this and other terms of my membership may be changed by bylaws and policies adopted by the NYC REIC and member agreements signed by the NYC REIC and me.