Singapore Operating Policies Template

Operating policies template for

Singapore nonprofit VFX cooperative operations

2023/09/08: Proposed

ARTICLE I: MEETINGS

A. Electronic Participation in Meetings

Regardless of an in-person quorum, all meetings must offer an option for electronic conference attendance.

B. Annual General Meetings (AGM)

The AGM will be held at 7:00 pm Pacific Time on the second Thursday of July each year. Should this day coincide with a legal holiday, the meeting will take place at the same time on the subsequent business day. The AGM will feature the announcement of Board election results and the conduct of any other appropriate business.

C. Monthly Board Meetings

The Board will convene regularly on the first Thursday of each month at 7:00 pm Pacific Time. In the event this day is a legal holiday, the meeting will be rescheduled to the same time on the next business day.

D. Quarterly New Member Admission Meetings

Meetings for the admission of new members will be held quarterly on the second Wednesday of January, April, July, and October. Membership applications must be submitted a minimum of two weeks before the meeting to be considered. Membership voting will utilize a confidential and secure electronic system.

E. Board Elections

Elections to fill Board vacancies will take place on the second Wednesday of July, the day preceding the AGM. Voting will be conducted through a confidential and secure electronic system, and the poll will remain open from 9:00 am to 9:00 pm Pacific Time.

ARTICLE II: MEMBERSHIP FEE AND ASSOCIATED RIGHTS

A. Determination of Membership Fee

For 2023, the membership fee is set at $3,000 USD. The Board of Directors will adjust this fee annually on January 1 to account for cost-of-living changes. For members paying in foreign currency, the applicable exchange rate will be determined at each payment instance.

B. Payment Terms, Membership Rights, and Patronage Dividends

Newly elected worker-owners must select one of the following payment methods for their membership fee within two years:

One-time full payment.

Two equal installments: the initial half due within 30 days of election and the latter half due a year later.

One-year even payroll deductions.

Two-year even payroll deductions.

Worker-owners are provisionally classified until half of the membership fee is settled. Provisional members are ineligible for voting rights and patronage dividends. Upon paying 50% or more of the fee, individuals gain full worker-owner rights.

Legally, worker-owners with outstanding membership fee balances cannot receive cash patronage dividends. Such dividends will be credited to their capital account, reducing their membership fee balance.

C. Members on Probation

Members failing to meet payment obligations are classified as "members under probation." Their voting rights and positive patronage dividend entitlements are temporarily suspended until the Board rules. However, they remain accountable for any negative patronage allocations.

ARTICLE III: PATRONAGE DIVIDENDS

A. Distribution Timeline for Cash Patronage Dividends

If the Board declares a Patronage Dividend in any fiscal year, cash distributions should align with the following schedule as detailed in Bylaws, Article VIII, Section D:

20% of the declared Patronage Dividend will be paid during the payroll cycle that includes June 1.

Each subsequent year at the same time, another 20% will be distributed until the full Patronage Dividend balance is paid.

By the fifth year, a worker-owner will receive 20% of their patronage for the current year and for each of the preceding four years.

Sample Distribution Schedule for a New Worker-Owner (over 6 years)