N.Y. CCO Law § 72
This is the official text of N.Y. CCO Law § 72, part of New York’s CCO Law — part of the compiled statutory law of New York, published by the state as "CCO Law." Browse the sections below, each linked to its official government source.
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Reserves, net margins, net retained proceeds, distributions, and patronage refunds
Official statutory text
§ 72. Reserves, net margins, net retained proceeds, distributions, and\npatronage refunds. The directors shall periodically set aside reasonable\nsums for reserves. The net margins or net retained proceeds may, in the\ndiscretion of the directors, be distributed at least once every twelve\nmonths to members or patrons, by uniform distribution and calculated on\nsuch bases as the by-laws or marketing contract may prescribe.\nDistributions may be credited on account of the issuance to members or\npatrons of capital stock or other securities of the corporation. In the\ncase of cooperatives with capital stock, dividends shall not exceed\ntwelve per centum per annum on any class of stock.\n
Status: in_force · Read it on the official government site
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