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2018 Minnesota Statutes
Chapters 300 - 323A — BUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS
Chapter 308A — COOPERATIVES
Section 308A.701 — RESERVES.
Universal Citation: MN Stat § 308A.701 (2018)
308A.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
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