2009 Alabama Code
Title 10 — CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS.
Chapter 14 — EMPLOYEE COOPERATIVE CORPORATIONS
Section 10-14-9 Apportionment, etc., of net earnings or losses.

Section 10-14-9

Apportionment, etc., of net earnings or losses.

(a) The net earnings or losses of an employee cooperative shall be apportioned and distributed at such times and in such manner as the articles of incorporation or bylaws specify. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, shall be apportioned among the members in accordance with the ratio which each member's patronage during the period involved bears to total patronage by all members during that period.

(b) The apportionment, distribution, and payment of net earnings required by subsection (a) may be in cash, credits, written notices of allocation, or capital stock issued by the employee cooperative.

(Act 97-949, p. 524, §9.)

Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.