To become a member of Linn Coop Oil Company, one must purchase a Share of Stock. Class A stockholders are members that are actively farming 10 or more acres. Only Class A stockholders may vote. Non-farming members are Class B stockholders. The current cost of a Share of Stock is $10.00 and only one share is required to become a member. There is no advantage to having more than one Share of Stock.
Members are paid an annual dividend on their purchases from Linn Coop, or grain sold to Linn Coop. The dividend rates are based on the profitability of Linn Coop for the year. The dividend rates are determined by the auditors and approved by Linn Coop’s Board of Directors. The dividend is typically paid each September for the previous year’s business. The dividend is usually paid 50% cash and 50% is deferred.
The Deferred Dividends can be redeemed when one of the following conditions is met:
1) Member reaching the age of 65 years old.
2) Member moves away from our trade territory. (at least 50 miles from the nearest branch).
3) Member is deceased.
When redeeming Deferred Dividends, the total is paid in equal annual payments made over a four year period in either May or November. If the member is deceased, payment will be made in full upon presentation of proof of death.
For any questions contact the main office of Linn Coop Oil Co.
325 35th St. Marion, Iowa 52302