1. Installment Purchase Option. (NPCS Articles of Incorporation, Article VII-7, 1985.)

You may choose to pay for your member share in installments of $10 per month instead of in one payment of $60. To qualify for this option, you must make your first payment of $10 at the time of agreeing to this Member Share Purchase Agreement. Subsequent payments shall be due on the 20th of each month, beginning the month following the month in which you signed this Agreement.

Patronage dividends to subscribers whose membership is not fully paid shall be applied toward such payment until it is complete. (Section 499.32, Code of Iowa, 1985.)

  1. Effect of Late Payments – Good Standing

A member who has completed his or her share payments, or whose share account is not more than sixty days delinquent, shall be in good standing.

(NPCS Articles of Incorporation, Article VII-8, 1985.)

  1. Rights of Subscribers

A subscriber who is not in good standing shall not be entitled to shop at member prices nor to receive working member privileges until his or her account is restored to good standing. (NPCS Articles of Incorporation, Article VII-9, 1985.)

  1. Withdrawal of Membership/Member Share Refund

You may withdraw your membership in the Society at any time, either before or after you have completely paid your installments under this Member Share Purchase Agreement and obtain a refund of your share account for the total amount paid without interest. However, the Society reserves the right to pay your refund only after an equivalent sum has been received in cash as member share amounts paid by members joining after the date such refund was authorized.

To withdraw from membership, address a written request for member share refund to: Accounting, New Pioneer Cooperative Society, 22 South Linn Street, Unit 2A, Iowa City, Iowa 52240. (Forms are available at either store.) Refunds shall be made in the order in which requests are received. Once you have received your refund, you will no longer be held liable for the balance of this Member Share Purchase Agreement. (Section 499.20, Code of Iowa, 1985: NPCS Articles of Incorporation, Article VII-5 1985.)

  1. Abandoned equity

If you fail to pay the member share amount in full within two years of signing this Member Share Purchase Agreement, this Agreement shall lapse, and your rights and privileges of membership will be forfeited. ­The sum accumulated in your equity account shall be considered abandoned and shall not be refunded. A written notice of this determination will be sent to your address as it then appears on our records. You have the right to appeal such determination by writing to the Board of Directors or its designated agent at New Pioneer Cooperative Society, 22 South Linn Street, Unit 2A, Iowa City, Iowa 52240 within six months of such determination. (Section 499.32, Code of Iowa, 1985: NPCS Articles of Incorporation, Article VII-9, 1985.)

  1. Transferability of Agreement; Cancellation of Membership

­This Member Share Purchase Agreement is not transferable. ­The Board of Directors may expel any member who attempts to transfer his/her membership, or who willfully violates any article or by-law which provides for such penalty. In cases of expulsion, we will refund the value of the member share as shown on our books on the date of cancellation, but not more than its original issuing price, within sixty days.

If a member dies or becomes ineligible, his/her membership shall be cancelled, and we will refund such value to the member, or to his/her personal representative, within two years thereafter, without interest. (Section 499.19, Code of Iowa, 1985) If no claim is presented to the Society within a period of two years from the date of death, such equity will be considered abandoned and will not be refunded. (NPCS Articles of Incorporation, Article VII-6, 1985.)