Membership Shares in The Online Meeting Co-operative

The Webarch Co-operative Limited Rules, which are linked from here:

Contain these clauses:

1.7. b) Within any class, shares can be issued for a special purpose and treated as separate from the main funds of the co-operative. They may have different conditions, and may attract a different rate of interest, to other shares in that class. Members may hold both special purpose and ordinary shares, with no distinction being made for the purposes of qualification, voting and limits on total shareholding.

And:

1.10. Withdrawal of shares

a) Shares carry no absolute rights of withdrawal.The board may at its sole discretion:

i. repay a fixed proportion (less than 100%, unless memberships are cancelled in accordance with 1.8 above) of all shares in a class;

ii. allow the withdrawal of shares in one or more classes on request, subject to whatever limits or period of notice the board may think prudent;

iii. permit no withdrawals (other than small sums on cancellation, as described in 1.8 c) for a fixed period of time or disallow withdrawals indefinitely.

If a member wishes to withdraw their share capital, they should notify the co-operative in writing that they would like it to purchase its shares from them, enclosing the appropriate share certificates.

And:

c) Shares may be issued with conditions that further restrict withdrawal, but may not offer terms that are not permitted under these rules.

Based on the above and the fact that The Online Meeting Co-operative is:

an informal organisation formed by the member coops that have started the project

https://wiki.meet.coop/wiki/Membership

We are offering membership shares in The Online Meeting Co-operative which will be used to build and provide service and grant organisations and individual access to the servers, these shares will not have an automatic right of withdrawal and there should be no expectation that they ever will be withdrawable.

We are contributing a significant amount of hosting infrastructure, time and money to launch this service, we are documenting this on the wiki page to track the contributions of members. We are also taking on some liability with this project, we are the legal owners of meet.coop (on the understanding that ownership would be transferred if a legal entity is established) and our name will be on the contract for the server at Koumbit.

I hope the above doesn’t sound too negative! We are very excited by this project and thing it has the potential to be a huge success and we hope all our exiting members give the demo.meet.coop server a try and consider if services from the The Online Meeting Co-operative could replace their use of corporate conferencing platforms such as Zoom.

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