2015 New York Laws
CCO - Cooperative Corporations
Article 6 - (Cooperative Corporations) AGRICULTURAL COOPERATIVE CORPORATION
113 - Reserves.

  113. Reserves. In addition to reserves for depreciation, depletion,
  obsolescence and bad debts, agricultural cooperatives shall  create  and
  maintain  minimum  general  purpose reserves. Such reserves shall be set
  aside periodically until or  unless  they  total  an  aggregate  minimum
  amount  computed  in  accordance  with  one  of  the  following optional
  methods.
The aggregate minimum amount of such general purpose reserve shall  be
  computed  and  equal  either  (1) at least two per centum of the average
  annual gross receipts of the preceding five years to be accumulated at a
  rate of not less than two-fifths of one per centum of the gross receipts
  per annum or such part thereof as may  be  necessary  to  establish  and
  maintain  such  reserves,  or  (2)  at least the total amount of paid up
  capital stock or  membership  capital  contributed  to  the  corporation
  accumulated at a rate of not less than ten per centum of the net margins
  in  each  year or such part thereof as may be necessary to establish and
  to maintain such reserve,  or  (3)  at  least  an  amount  necessary  to
  establish  a  sixty per centum net worth wherein the paid in capital and
  surplus (including the general purpose reserve) shall  equal  sixty  per
  centum  of  the total assets of the cooperative. Such a reserve shall be
  accumulated at a rate of not less than ten per centum of the net margins
  in each year or such part thereof as may be necessary to  establish  and
  to maintain such reserves.
The  general  purpose  reserve  created, accumulated and maintained in
  accordance with this article six  shall  be  deemed  to  be  a  required
  statutory  reserve  for each agricultural cooperative as defined in this
  article.