American Pharmacy Cooperative, Inc.; §7; §12; No Action Recommended, 7/18/2000

No action recommended to require registration of shares of American Pharmacy Cooperative, Inc., An Alabama corporation qualified to do business in Texas (the “Cooperative”) that was formed to enable member retail pharmacists (“Members”) to aggregate buying power in negotiating discounts to purchase pharmaceutical products from manufacturers. Each Member would be required to purchase 100 shares of the Cooperative for $1,500. The only benefit of share ownership would be access to lower prices for pharmaceutical products. The shares would be non-transferable and not entitled to any dividends, though each Member would be entitled to patronage dividends based on that Member's annual volume of business done with the Cooperative. The staff also recommended no action to require registration as dealers of the personnel of the Cooperative who offer and sell shares to independent pharmacists in Texas.