SGCC Process for Becoming a Member
___________, a new partner in (COOP), shall, as of the date of this agreement, own no share of the liabilities of the partnership and shall have no interest in the distribution of the assets of the partnership, except for the membership fee paid by him/her on joining the partnership. Each calendar quarter, (new partner’s) continuation as a partner will be reviewed. Each quarter that such continuation is approved, his/her ownership of liabilities will be increased by 25% of a full and equal share, and his/her proportional claim on assets (if such claim for any partner is recognized by the partnership) shall be increased by 25% of a full and equal share. At the end of one year, and passing 4 consecutive quarterly reviews, the new partner will, in all ways, be an equal partner to all others in (COOP) and will completely surrender his/her membership fee to the collective account. Should he not become a full partner, his membership will be refunded.