497.18 Educational fund — dividends.
76 words·~1 min read·
/ia/chapter-497-cooperative-associations/497-18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board may each year, out of remaining net profits, subject to the approval of the association at any general or special meeting:
1. Provide an educational fund to be used in teaching cooperation, not exceeding five percent of the net profits.
2. Declare and pay a dividend on the stock, not exceeding ten percent.
[SS15, §1641-r13; C24, 27, 31, 35, 39, §8476; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §497.18]