17-4669.Excess revenues, distribution to
members.
(a) Except as otherwise determined by a vote of the members of
the cooperative, revenues of a cooperative for any fiscal year in excess of the
following shall be distributed by the cooperative to its members in accordance
with the bylaws of the cooperative:
(1) Amounts necessary to defray the expenses of operation and maintenance of
facilities of the cooperative during such fiscal year;
(2) amounts necessary to pay interest and principal obligations of the
cooperative coming due in such fiscal year;
(3) amounts necessary to finance, or to provide a reserve for the financing
of, the construction or acquisition by the cooperative of additional facilities
to 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 of
the cooperative in an amount not less than the total of the interest and
principal payments in respect thereof required to be made during the next
following fiscal year.
(b) Nothing herein contained shall be construed to prohibit the payment by a
cooperative of all or any part of its indebtedness prior to the date when the
same shall become due.
17-4669.Excess revenues, distribution to
members.
(a) Except as otherwise determined by a vote of the members of
the cooperative, revenues of a cooperative for any fiscal year in excess of the
following shall be distributed by the cooperative to its members in accordance
with the bylaws of the cooperative:
(1) Amounts necessary to defray the expenses of operation and maintenance of
facilities of the cooperative during such fiscal year;
(2) amounts necessary to pay interest and principal obligations of the
cooperative coming due in such fiscal year;
(3) amounts necessary to finance, or to provide a reserve for the financing
of, the construction or acquisition by the cooperative of additional facilities
to 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 of
the cooperative in an amount not less than the total of the interest and
principal payments in respect thereof required to be made during the next
following fiscal year.
(b) Nothing herein contained shall be construed to prohibit the payment by a
cooperative of all or any part of its indebtedness prior to the date when the
same shall become due.
17-4669.Excess revenues, distribution to
members.
(a) Except as otherwise determined by a vote of the members of
the cooperative, revenues of a cooperative for any fiscal year in excess of the
following shall be distributed by the cooperative to its members in accordance
with the bylaws of the cooperative:
(1) Amounts necessary to defray the expenses of operation and maintenance of
facilities of the cooperative during such fiscal year;
(2) amounts necessary to pay interest and principal obligations of the
cooperative coming due in such fiscal year;
(3) amounts necessary to finance, or to provide a reserve for the financing
of, the construction or acquisition by the cooperative of additional facilities
to 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 of
the cooperative in an amount not less than the total of the interest and
principal payments in respect thereof required to be made during the next
following fiscal year.
(b) Nothing herein contained shall be construed to prohibit the payment by a
cooperative of all or any part of its indebtedness prior to the date when the
same shall become due.
