There is a newer version of the New York Consolidated Laws
2006 New York Code - Reserves, Net Margins, Net Retained Proceeds, Distributions, And Patronage Refunds.
§ 72. Reserves, net margins, net retained proceeds, distributions, and patronage refunds. The directors shall periodically set aside reasonable sums for reserves. The net margins or net retained proceeds may, in the discretion of the directors, be distributed at least once every twelve months to members or patrons, by uniform distribution and calculated on such bases as the by-laws or marketing contract may prescribe. Distributions may be credited on account of the issuance to members or patrons of capital stock or other securities of the corporation. In the case of cooperatives with capital stock, dividends shall not exceed twelve per centum per annum on any class of stock.
Disclaimer: These codes may not be the most recent version. New York 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.