- 4 - products “who reside in the territory served”. “Producers” referred to persons “actually engaged in the production of one or more of the agricultural products handled” by MCP. Producers of agricultural products eligible for membership and having acquired a minimum of 5 shares of common stock of MCP were recognized as members. a. Units of Equity Participation Mr. Fultz purchased shares of stock in MCP in approximately August 1982 when MCP was first organized. Subsequently, before June 1995, Mrs. Fultz also acquired stock in MCP. Both petitioners held enough shares of MCP stock in 1995 to qualify as members of MCP. As members, they were able to purchase additional “units of equity participation” (units) in MCP. Between July 1984 and June 1992, Mr. Fultz purchased a total of 20,000 units. During the years in issue, Mr. Fultz purchased 10,000 units in June 1994 and 5,000 units in December 1995. In addition, Mr. Fultz executed a subscription agreement in January 1995 in which he agreed to pay for an additional 10,000 units with a 10-percent downpayment immediately and the remainder due in two later installments. The record does not indicate whether this transaction was completed. Mrs. Fultz purchased 2,000 units in June 1995 and 2,500 units in December 1995. Each unit represented one potential bushel of corn that the member might agree to supply to MCP.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011