Board Proposes Amendments to Cooperative’s Articles and Bylaws

Board Proposes Amendments to Cooperative’s Articles and BylawsThe MKC Board of Directors has proposed amendments to the cooperative’s Articles of Incorporation and Bylaws intended to ensure the company remains an agricultural-focused and producer-governed cooperative.

“At this year’s annual meeting, our 51st, we again find ourselves needing to make adjustments to our Articles of Incorporation and Bylaws,” says MKC Board Chairman CJ Blew.  “The MKC Board acted to propose these changes to keep the best interest of MKC and all of its owners.”

The MKC Board is recommending approval of a proposed amendment to the company’s Articles that would increase the authorized capital amount of the corporation to $100,000,000. In addition, Bylaw changes proposed state in order for a member to remain eligible to hold voting, common stock, the member must patronize the co-op at a minimum level which shall be no less than $5,000 in one of the two most recent consecutive fiscal years. The second bylaw change proposed is an increase in the minimum required permanent capital for each stockholder from 30 shares to a minimum of 100 shares of common or participating stock.

“It is important for everyone to know the MKC Board of Directors spent a lot of time discussing these proposed changes,” Blew says. “As a board, we carefully considered the options and, in the end, aligned with changes we believe honor our heritage but will allow us to remain relevant for the future.”

The proposed Articles of Incorporation and Bylaw changes will be voted on by MKC stockholders at the 51st Annual MKC Stockholders' Meeting on Thursday, July 21 at the Bicentinnial Center in Salina. Reservations for the meeting are requested at www.mkcannualmeeting.zapevent.com by July 14.

To learn more about the proposed Articles of Incorporation and Bylaw changes, view our Bylaws and Articles of Incorporation Q&A.

News Articles