Please scroll down to read through the FAQ and updated 2018 Articles of Incorporation.

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* 1. All ballots need the member name AND the membership number in order to be valid.  Your membership number can be found on the back of your member card or at the bottom of your receipt.  Contact the IVFC if you need further assistance finding your membership number.

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* 2. Do you approve the updated 2018 Articles of Incorporation?

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Here are the updated 2018 Articles of Incorporation for your approval.

Here are the updated 2018 Articles of Incorporation for your approval.

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Isla Vista Food Cooperative 2018 Articles of Incorporation Update FAQ:
 
What are the Articles of Incorporation?
The Articles of Incorporation are the legal document that declares the IVFC’s creation and business structure.  The Articles of Incorporation are filed with the state of California in order for us to legally do business and are part of the public record.
 
Why are they being updated now?
Our original Articles of Incorporation were filed when the IVFC began in 1973.  We are updating the IVFC Articles of Incorporation in 2018 so that we keep current with California law and align with our current structure.
 
Is this the first time they have been updated?
No, the Articles were first filed in 1973 and then updated in 1980.
 
What has changed in the 2018 update of the Articles of Incorporation?
• Our name has been changed to the Isla Vista Food Cooperative, Incorporated.  Previously, the name was Isla Vista Füd Co-op, Inc.
• The number of Directors has been changed to 7.  The number of Directors had previously ranged between 9 and 25.
• The amount of available shares in the IVFC has increased from 1 million to 3 million. This increase ensures that we do not come close to hitting the limit as the IVFC continues to grow on into the future.
• The 3 membership share classes have been increased in number and clarified. The Class A, Class B, and Class C membership shares are functionally the same as they have been used.  There are now 1 million of each membership share available and they are more clearly defined.
• Class C memberships (held by groups and organizations) will now have the right to vote.  In the current Articles of Incorporation, these shareholders do not have voting rights.
• The amount any member may invest in the IVFC has been increased to $500,000.  This allows the IVFC to raise funds through member loans (Class B membership shares) in appropriate amounts well into the future.
 
What are the different classes of membership shares?
Class A membership Individual share: individual members with all membership rights outlined in the IVFC bylaws and one vote.
Class B membership Investment share: non-voting investment shares which can only be held by members.
Class C membership Groups/Organizations share: groups and organizations that are associate members with all membership rights outlined in the IVFC bylaws and one vote.
How is this better?
In addition to being more accurate for how the IVFC will continue to do business, these changes will ensure that our Board of Directors is properly staffed and will more easily allow members to invest in the cooperative.
 
Who approves the updated Articles of Incorporation?
The updated Articles of Incorporation must be approved by a vote of the IVFC membership.
 
How does the membership approve the updated Articles of Incorporation?
The IVFC membership will vote to approve the updated Articles of Incorporation during the month of October.  In order for the vote to be valid, it requires a quorum (5%) of the membership to take part in the vote.  A majority of votes in favor of approval will pass and the approved update will be filed with the state.
 
How do members vote to approve the updated 2018 Articles of Incorporation?
Voting is open October 1st through the November 30th.  One vote per membership.  You can vote any of these 3 ways:
• online at https://www.surveymonkey.com/r/2018ArticlesOfIncorporationVote
• in store on the paper ballots
• in person at the Annual Membership Meeting on Sunday October 21st at 5pm
 
Who do I contact if I have more questions?
Your Board of Directors can answer those questions.  Email us at board@islavistafood.coop or attend the Annual Membership Meeting on Sunday October 21st.
 

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