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RE: Buy out...



FYI, the current membership agreement is online at
http://www.woodland.org/hpd/partnership-agreement.html.  There's a link
from our homepage.  It includes a 90-day payout period (not 10 days,
which I was reading from an earlier draft at our last meeting).

Paragraph 20 and 22 are the relevant parts.

Joe

Greg wrote:

> If you think about how we're set up, our hands are not tied. The
> money / stocks we're talking about belong to the departing member. We
> can either sell his shares (he will incur the commission), or we will
> buy his shares - which is what we usually do. There is no rule that
> says we have to buy them; that's up to us.
>
> While I don't recommend it, we could sell all the member's shares (a
> few of each stock). He would bear the cost of each sale, and walk
> away with the money. We would have all our funds, including that
> month's collections at our disposal to buy whatever we want.
>
> I'm sure we'll be discussing this Sunday, I expect we'll arrive at a
> compromise (selling some shares, buying some with our cash). I think
> also (Nancy?) that it is a requirement that we all sign a new
> agreement, which gives an opportunity to tweak that section.
>
> -G
>
>
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