17-4669.   Excess revenues, distribution tomembers.(a) Except as otherwise determined by a vote of the members ofthe cooperative, revenues of a cooperative for any fiscal year in excess of thefollowing shall be distributed by the cooperative to its members in accordancewith the bylaws of the cooperative:

      (1)   Amounts necessary to defray the expenses of operation and maintenance offacilities of the cooperative during such fiscal year;

      (2)   amounts necessary to pay interest and principal obligations of thecooperative coming due in such fiscal year;

      (3)   amounts necessary to finance, or to provide a reserve for the financingof, the construction or acquisition by the cooperative of additional facilitiesto the extent determined by the board of directors;

      (4)   amounts necessary to provide a reasonable reserve for working capital;

      (5)   amounts necessary to provide a reserve for the payment of indebtedness ofthe cooperative in an amount not less than the total of the interest andprincipal payments in respect thereof required to be made during the nextfollowing fiscal year.

      (b)   Nothing herein contained shall be construed to prohibit the payment by acooperative of all or any part of its indebtedness prior to the date when thesame shall become due.

      History:   L. 2003, ch. 81, § 19; July 1.