2014 marks the 170th anniversary of the Rochdale Equitable Pioneers Society. To celebrate this special anniversary the Pioneers 170 blog will guide you through the Pioneers’ first year.
The fines for lateness or absence that were introduced in the last meeting are mentioned again in this one, with the aim of putting such money to good use. The members agree to put all fines towards the society’s General Fund. They also decide that, in order to build up capital, no interest on shares or profits can be drawn in the society’s first year. Instead, the interest will be added to each member’s stock. They are clearly still in the early stages of figuring out the business model that the society will follow.
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