Our 2024 Annual Shareholder Meeting will be held Monday, November 18 at 7:00 p.m. We look forward to providing an update on this year’s progress, electing new board members, and proposing important bylaw changes to facilitate raising additional capital for our future store.
• In person: the Gail Borden Public Library (Meadows A-B), 270 N. Grove Ave., Elgin, IL 60120.
• Zoom: provided ahead of meeting.
While an RSVP is not required, it will help us with planning, so please let us know if you’re able to attend by using the link at the bottom of this page.
Minutes from our 2023 Annual Meeting can be viewed here.
Board Member Nominations
The annual meeting is the perfect time to raise your hand and submit a nomination application to join our board of directors. Shared Harvest’s board governs the Cooperative, assuring that the purpose and mission of the Cooperative are properly carried out. The deadline to be included on the ballot is Noon central on Thursday, November 14, 2024. Click here to learn about eligibility and read the board candidate application.
Proposed Bylaws Changes
Shared Harvest’s board of directors is proposing bylaws changes for a shareholder vote at the annual meeting. The full text of the proposed changes can be read here. The majority of proposed language changes provide clarity or correction and a few are based on legal guidance under current Illinois cooperative law. Additionally, there are two matters that warrant additional context:
1) A Shared Harvest shareholder must own at least one “common share,” sold and valued at $100. Meanwhile across Illinois, other start-up co-ops are raising capital by selling “preferred shares,” sold at $1000 each. Under Illinois law, co-op membership still requires ownership of the common share, and members may also own up to nine preferred shares. We’d like to offer this opportunity to shareholders as a vehicle for raising funds, which requires an amendment of our State of Illinois articles of incorporation. Under current bylaws, such an amendment is a decision requiring an affirmative vote of 2/3 of all existing shareholders. This 2/3 requirement made sense when the co-op was very small, but with over 1500 shares sold at present it’s now unrealistic. The board proposes a change to permit approval for an amendment to articles of incorporation with an “affirmative vote of two thirds (2/3) of the shareholders present and voting at a duly held meeting at which a quorum is present.”
2) Secondly, current bylaws require 50 shareholders to constitute a quorum at business meetings. The board’s opinion and experience shows that getting to 50 is challenging, so we’re proposing changing the quorum requirement to 35 owners or 5% of all owners, whichever is less. This is the same quorum used by Lombard’s Prairie Food Co-op, another start-up co-op in Illinois.
At the annual meeting on November 18, we’ll provide additional information on how the preferred shares option will work and propose adoption of the full slate of bylaws changes. You’re invited to read the full text of proposed bylaws changes here and reach out to us with any questions.
Learn About Ownership
Democratic participation is one way co-op memberships are unique. We invite you explore other benefits to ownership by watching this video on our website. If you’re not yet a Shared Harvest member, please consider formalizing your commitment to help us in our mission to create a cooperatively owned grocery in the heart of Elgin that links consumers to affordable, healthy, locally-produced food, fosters sustainable agriculture, and contributes to the economic and cultural vibrancy of the Elgin community. Information on joining us as a shareholder can be found here.
Thank you so very much for being part of our co-op community — we look forward to seeing you on November 18 at 7:00 p.m.
RSVP to our Annual Meeting
Thank you to everyone who attended our annual meeting on 11/18/2024.
