Kean Wind Turbines is funded and owned entirely by its shareholders. At the time of purchase of their stock, all shareholders must reside within one of the eight (8) counties of Western New York, which are: Erie, Niagara, Orleans, Genesee, Wyoming, Cattaraugus, Chautauqua, and Allegany. All shareholders are equal with an investment of no more than, nor less than $5,000. To prevent hostile takeovers, shares are not transferable without the permission of the corporation. Shares are transferable through estates.
The company founder, Kean W. Stimm, has a controlling interest in the company. Upon his demise, his controlling interest terminates so that the shareholders acquire total control. Also, at that time, a 50% ownership of his very valuable pending and approved turbine patent(s) will transfer to the corporation. The other 50% transfers to the Kean Foundation, a part of his estate.
The corporation is registered and acknowledged with the S.E.C. in Washington, D.C. and with the State Department of New York. The corporation filed its original Certificate of Incorporation in March 2011. Existing shareholders secured stock by contacting an officer of the corporation. The Certificate of Incorporation has been amended in accordance with the shareholder's unanimous approval in August 2013. The New York State Division of Corporations approved and filed an amended Certificate of Incorporation June 9, 2014. Form D was filed and accepted by the S.E.C. August 4, 2014. The amendment authorizes the issuance of additional stock.
Each shareholder receives 200 shares of Class G Common Stock, which provides him or her with 200 votes at shareholder meetings. Each shares equally in declared dividends that are determined by the Board of Directors, who are also shareholders. Each shareholder also receives 4 shares of Class H Preferred Stock, which have no voting rights, but receive a fixed percentage of royalties from worldwide licensees.
The corporation has no debt, borrows no funds, and uses no government grants, subsidies, or tax favors. Nor will the corporation accept property tax or sales tax abatement, as it does not want to be a burden on its community.