Sec. 33-193. Distribution of profits; sinking fund.
73 words·~1 min read·
/ct/title-33/chapter-595-cooperative-associations/33-193·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There shall be a distribution of the profits or surplus of an association among the member shareholders as is prescribed by the association's bylaws. The board of directors of an association may declare a sum of not more than forty per cent of the net profits or surplus to be appropriated for a contingent or sinking fund, an unallocated reserve fund or a collective account as may be prescribed in the association's bylaws.