Word: cooped
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Dates: during 1960-1969
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Last month the Coop mailed ballots and explanatory literature to each of the 54,143 Coop members as of Oct. 10. As tabulated by the Cambridge Trust Co., 18,540 ballots had returned by the Nov. 7 cut-off date. Of those, 17,621 supported the changes, while 919 disapproved...
...Essentially the amendments-the first major structural reforms in the 87-year-old company since 1916-are designed to increase the student voice in Coop affairs while assuring stability and equitable representation for all 55,000 members...
Since the Coop is a cooperative society. no one actually "owns" it. There are, however, ten trustee stockholders who keep the company stock in trust and nominate a slate for the board of directors. Under the amendments, five of these non-elective stockholder posts will go to students...
...Coop president Milton P. Brown 40 Lincoln Filene Professor of Retailing. points to the nearly successful "Coop Coup" as proof that the old by-laws were unworkable and unfair in practice. "We were concerned not only that a small minority could take control, but that it could also have no representation at all." Brown said last month...
...that the by-law changes have been approved-at a mailing cost ofabout $10,000-the Coop plans to implement them as soon as possible. "Our main concern is getting a functioning board that the community will feel is representative," Zavella said yesterday...