Annual meeting set for Wednesday
by Robert Nolte
WORDEN — Though some may think the changes are controversial, the general manager of the Farmers Union Oil Company describes them as “just minor” shop-keeping” that will update the co-op’s bylaws.
Stockholders will get their chance to vote on the measures with ballots mailed out and due back by mail at the co-op by Monday, March 8.
The annual stockholders’ meeting will be held two days later, at 6 p.m. Wednesday, March 10, in the Huntley Project Elementary School.
At that meeting, two directors will be elected to serve three-year terms and the articles of incorporation increasing the amount of capital stock from $5 million to $10 million will be voted on. Ballots will be counted and results of the capital stock question will be announced.
A flurry of article amendments that cover everything from removal of a director to patronage refunds will also be considered. To give the co-op more flexibility, changes are proposed to various sections of four articles that appear on notices sent by mail to co-op members recently.
“These changes are recommended to our stockholders to better facilitate business operations, and are submitted after thoughtful consideration by your Board, and careful review by our auditor and corporate attorney,” read the document sent to co-op members titled “Proposed Amendments to the By Laws.”
“Many of the items are minor and many co-ops have similar provisions,” said Kirk Marzolf, general manager of the co-op headquartered in Worden.
Most of the changes were driven by the co-op’s lawyer and represent an update that hasn’t been made for several years, according to Marzolf.
