2018 Special Ballot
The TCT Board of Directors is recommending two bylaw changes. The first recommendation addresses the adoption of a capital credits discount program, the second recommendation is to reduce the Board size by attrition, from eleven members to seven members. Please refer to the following Frequently Asked Questions for some clarification on these recommendations.
CAPITAL CREDITS DISCOUNT PROGRAM | FREQUENTLY ASKED QUESTIONS
Capital Credits Discount program – A voluntary program that eligible members may choose to participate in to receive their capital credits at a discounted amount. To see a PDF of the proposed bylaw changes please click here: Proposed Bylaw Changes
- Q: How will members know if they are eligible for participation in the discount program?
A: The Board will make an annual decision, based on the company’s financial condition, who will be eligible to participate in the capital credits discount program. Members will be notified by mail if they are eligible.
- Q: How do members apply to participate in the discount program?
A: Members who are eligible to participate in the capital credits discount program will receive an application form, along with their notification of eligibility. If a member loses the application form they may contact TCT to request another application form. There will be a deadline to submit the application.
- Q: When will eligible members receive their discounted capital credits, once they have applied?
A: Applications will be paid upon the order they are received. Payments will be distributed based upon the amount the Board deems financially prudent each year. If that amount is exhausted before all applications are paid those applications will carry over into the following year for payment, in the order they were submitted.
- Q: Do members have to apply for the discount program each year?
A: No, once a member applies their application is in line for payment.
- Q: If a member declines participation, will they be able to participate at a later time?
A: If a member declines to participate in the year they receive a letter of eligibility they will not have the opportunity to participate for that particular year again. It is possible based on future eligibility requirements that they may be eligible to participate in a different year, but there is no guarantee they will have the opportunity to participate in the future.
- Q: What if a member changes their mind about applying for the discount program after they have submitted their application?
A: Once an application is submitted it is considered a contract and may not be withdrawn.
- Q: Do eligible members have to participate in the discount program?
A: No, participation is completely optional.
- Q: What happens if an eligible member chooses not to participate in the discount program?
A: There is no penalty for choosing not to participate. The member will continue to receive capital credits allocations, as before. In the event of their death their estate will be paid, if the Board deems that the retirement of the estate will not financially impair the cooperative.
- Q: What happens to a member’s capital credits earned after they receive their discounted capital credits payment?
A: The member’s account will be treated as if they are a new member.
- Q: Do other cooperatives offer discount programs?
A: Yes, many other telecom and electric cooperatives offer discount programs.
- Q: How do members benefit from participating in the discount program?
A: Members benefit by gaining access to their capital credits funds sooner, rather than leaving them to their heirs.
Click here for additional information on TCT Capital Credits.
TCT BOARD OF DIRECTOR REDUCTION | FREQUENTLY ASKED QUESTIONS
To see a PDF of the proposed bylaw changes please click here: Proposed Bylaw Changes
- Q: What is the benefit of reducing the Board Size?
A: The best practices for a company TCT’s size is a Board of 5-7 members, which allows for increased Board efficiencies.
- Q: Will all districts still be equally represented?
A: Yes, there will still be five districts, with one Board of Director per district. There will also be two Directors at Large, one representing the East and one representing the West. Districts will be as equal in population as possible.
- Q: How will members learn about who they are voting for as their District Board Representative and At Large Representative?
A: As in past elections, TCT will provide members with a biography and photo of Board Candidates, as well video recorded interviews. All information will be posted on TCT’s website and social media pages, as well as being printed in the Teletalk Newsletter and mailed to members with their ballots.
- Q: How will members know who represents their district?
A: A list of Board Members and which district they represent is listed on TCT’s website on the About Us page.