272.030 Reserve fund.
60 words·~1 min read·
/ky/chapter-272/272-030A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
By a vote of at least two-thirds (2/3) of the stockholders or members, and after the payment of a fixed dividend upon its stock, but before the profits are prorated, any cooperative corporation may create a reserve fund by setting aside each year ten percent (10%) to twenty-five percent (25%) of the remainder of the net profits of its business.