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Owner Rights and Responsibilities

Owner Rights

Governance 

As an Owner of Chicago Market – A Community Co-op, you have the following rights to a transparent, democratic governance process in which you can directly participate.
• To attend and be heard at Board meetings. Meetings are held monthly, and publicized on our website and Facebook page. Minutes are posted on the Governance page. Meetings are open to all Owners, who are requested to RSVP on our Events page
• To run for the Board. Our Board elections occur in late summer/early fall, and applications are accepted in June/July. Board terms are three years, and require a consistent weekly commitment of approximately 10-15 hours as a “working board” to lead our organization and serve our Owners, although as we transition to a Governing Board, the time commitment will likely decrease. To learn more, contact [email protected].
• To elect the Board. Elections follow every Annual Owners meeting. All Owners are emailed ballots for voting using Owner numbers. In addition to email, instructions for voting are provided at the Owners meeting and are publicized in our newsletter. 
• To vote on or introduce any Bylaw changes. Bylaws are the rules that govern how the Co-op runs legally, posted here. Bylaw changes may be adopted by a 60% majority vote of a quorum of Active Owners using the voting process described in the Bylaws. Owners wishing to bring any issue to the annual Owners Meeting for a vote must submit a petition signed by at least 10% of all Active Owners, not less than 60 days before the date of the meeting. (see Bylaws for additional details) 


Financial Reporting 

As an Owner of Chicago Market, you have the right to timely fiscal information about your Co-op.
 Fiscal Year financial report. Every year, the Board provides Owners a financial summary at the close of our fiscal year, at the Annual Owners Meeting. 
• Monthly Board Meetings. The Board Treasurer provides an overview of financial condition, projected costs, and recent expenses at every monthly Board meeting. 

 

Owner Responsibilities

By definition, a co-op is a participatory and communal endeavor. As a cooperative shareholder, Owners are liable under Illinois law only to the extent of the cost of their Ownership share. However, as an Owner, participation is expected in the following ways: 


• Vote on key decisions.

• Communicate your feedback and ideas to elected leadership.

• Support the Co-op through meeting/event attendance or volunteering.

• Once open, shop the store!

 


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