We have now merged all equity accounts into one, unified system on a dollar-for-dollar basis. The equity you had in your former cooperative remains under Landus Cooperative. All equity holders should have received a statement of your equity balance for Landus Cooperative at the end of September 2016.
Please carefully review your equity statement and store your certificates in a safe place. These certificates are your proof of your equity ownership. Please contact us to make changes to your account information or for questions. Some Frequently Asked Questions are below as a quick resource.
Q. I was a member of FC and my voting share cost me $1,000. The new stock is $500. Why didn’t I get $500 back in cash?
When you joined, you paid $1,000 for your Class A membership share. $500 worth of equity will added to your 2005 Preferred C equity so those dollars will be revolved out the soonest, giving you the quickest access to the additional $500.
Q. Why did my West Central B stock change?
When you joined, you paid $100 for your membership share. The additional $400 needed has been transferred to another equity account in the following order: If you are a Preferred B equity holder, that was taken first; then Preferred C, then Preferred D, then Non-Qualified until the $400 was satisfied.
This means you see the least amount of impact for the longest amount of time possible. You do not need to pay the additional $400 as cash, check, etc.; we will manage the additional dollars needed for you inside your equity account.
Q. What is the revolvement schedule?
The stock redemption/revolvement policies for Landus Cooperative will remain the same as they were for West Central and FC. The oldest Landus Cooperative Class C Preferred stock has an issue date of 2005 and will be the first year eligible for revolvement by the Board of Directors
Q. If I send back my new Landus Cooperative certificates with my signature, does that indicate I would like to cash them out?
No. Please do not mail back your Landus Cooperative certificates. If you would like to cash out your equity and you are eligible (see next question) then please contact us and we will send you the appropriate forms. These certificates are your proof of your equity ownership.
Q. I want to cash out my equity. How do I get my money?
According to our Articles of Incorporation, the following processes apply:
• Class A membership share ($500) and Preferred B equity would be paid in full under two circumstances.
1) If you are no longer actively engaged in farming. Please note, crop sharing is defined by our articles as still being actively engaged in farming. If you cash rent your farm ground, you would not be considered as actively farming.
2) If you are more than 70 years old OR, if you are under age 70, the equity will be paid out over the course of five years. (You could be 65 or 45 years old and the equity would still be paid out over the course of 5 years).
• Preferred C and Non-Qualified cannot be paid out upon request. Preferred C and Non-Qualified will be paid back to the equity holder when the board of directors declares the oldest year payable or part of the oldest year payable.
• Preferred D is payable upon request. A preferred D redemption form needs to be filled out and returned.
If an equity holder is deceased, an estate application form can be submitted for the redemption of all classes of equity held by deceased equity holder
Q. My equity statement says I have non-qualified stock. Was I supposed to get a paper certificate?
WE DID NOT issuing paper certificates for the following
• Class C Preferred stock
• Class D Preferred stock
• Non-Qualified Patronage Allocation
• Accrued Dividend
Your paper equity statement is your record of this stock ownership.
Q. Why do you want my old certificates back?
Our goal in collecting legacy FC and legacy West Central stock certificates is to destroy those certificates which no longer have any value. We want to help members’ and their families avoid confusion should they look to redeem their equity down the road. It will be clear there is one equity set and that is the Landus Cooperative equity.
Q. Do I have to mail back my old certificates?
You may also turn in your certificates to your Landus Cooperative location and they will send them on to the accounting team.
Q. What if I don’t have my old FC or West Central certificates?
Please sign your name on the line on the backside of your cover letter to indicate you will not be returning your certificates.
Q. Why is my birth year right but my month and date are wrong?
Thank you for reviewing information. Please contact Amanda Rezac or Dan Beenken to update your information.