Member-investor cooperative. This model differs from the traditional cooperative
structure in that returns are distributed to members in proportion to shareholdings in addition to
patronage. This is done either with dividend distribution in proportion to shares and/or
appreciability of cooperative shares. The member-investor model has been implemented by
means of participation units (Campina Melkunie), capital units (Walgett Special One
Cooperative) and redeemable preference shares (Tatura Milk Industries Limited and Fonterra
Cooperative Group).