Per Chicago Market Bylaws:
Upon request following termination of Ownership, shares shall be redeemed by the Co-op upon termination of Ownership, within ninety (90) days of demand, subject to the Board of Directors determining when money is available for refunds and how much may safely be refunded each fiscal year.
As of 8/26/2020, the Board has adopted the following policy:
During the first Board meeting of each quarter (January, April,
July and October), the Board shall determine whether funds
are available for the refund of Ownership shares, based on the
financial health of the Co-op. If the Board determines funds
are available, the Board shall also determine the amount
available for refunds.
The Treasurer will present a recommendation to the Board
to assist it in making a decision.
If the Board determines that funds are available, any Owner
who requests a refund of their Ownership share will be
provided one until such funds are depleted.
If the Board determines funds are not available, all requests for
refunds shall be deferred until the following quarter.
If the funds made available by the Board are depleted at the
time of a request for a refund, that request shall be
deferred until the following quarter, but given first priority
as soon as funds are available.
A list of those Owners seeking refunds will be kept by the
Treasurer, in order to determine the order of priority.
Each quarterly decision of the Board regarding the availability
of funds shall be published after it is made, in the Board
meeting minutes for the relevant meeting.
In addition, an Ownership Refunds section of the website will
be established and updated with each quarterly decision of the
Board, as well as any updates regarding the depletion of
allocated funds in a given quarter.
October 25, 2020: the Board reviewed the Co-op's financial status and capital needs and voted not to offer refunds during the next quarter.