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.
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 Board of Directors to conduct the affairs of, and make decisions regarding, the NYC REIC in accordance with the cooperative principles.
I understand that 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 a Member Meeting or another meeting set up to orient new members, pay my member fee either in person or by mail, and read the principles of cooperation.