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Bylaws

SUMMARY LETTER FOR BYLAW AMENDMENTS

Back in 2014, we did a significant overhaul of our Articles and Bylaws as we converted from a 308A cooperative to a 308B cooperative under Minnesota Statutes.

The conversion was done as we were contemplating the financing for the Hope Grain Terminal and Train Shuttle Loader project.  At that time, we were looking at possibly partnering with a major grain trading company or seeking equity investors through issuing preferred equity or a private placement.  The conversion to a 308B coop allowed us to consider those financing alternatives.

As we examined all the financing options, we decided to finance the project on our own with standard term debt from CoBank.

As you can tell from the amended bylaws, they are about half the length of the previous ones (14 pages vs. 28 pages).  We have removed several pages of unnecessary definitions, the language throughout pertaining to “Non-Patron Members”, and the sections dealing with the sales, registration, rights, and transfer of “Non-Patron Units”, of which we chose not to issue or utilize.

In 2018, the bylaws were again amended – this time just to increase the annual amount of member business required to be eligible as a voting member, from $5,000 to $10,000. 

If you have any questions as you review the former or amended bylaws, please contact CEO Roger Kienholz at 507-726-6455 or email at roger.kienholz@crystalvalley.coop.