State Codes and Statutes
Statutes > Minnesota > 300-319B > 308A > 308A_701308A.701 RESERVES.
Subdivision 1.Capital reserve.
A cooperative may set aside a portion of net income as the board determines advisable to create or maintain a capital reserve.
Subd. 2.Additional reserves.
In addition to a capital reserve, the board may:
(1) set aside an amount not to exceed five percent of the annual net income of the cooperative for promoting and encouraging cooperative organization; and
(2) establish and accumulate reserves for new buildings, machinery and equipment, depreciation, losses, and other proper purposes.
History:
1989 c 144 art 1 s 37
