Okla. Stat. tit. 18, § 18-432
This is the official text of Okla. Stat. tit. 18, § 18-432, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Dividends and profits - Reserve fund
Official statutory text
The directors, subject to revision by the stockholders, at any
general or special meeting lawfully called, shall apportion the net
earnings and profits thereof from time to time at least once in each
year in the following manner:
(1) Not less than ten percent (10%) thereof accruing since the
last apportionment shall be set aside in a surplus or reserve fund
until such fund shall equal at least fifty percent (50%) of the paid
up capital stock.
(2) Dividends at a rate not to exceed eight percent (8%) per
annum, may, in the discretion of the directors, be declared upon the
paid up capital stock. Five percent (5%) may be set aside for
educational purposes.
(3) The remainder of such net earnings and profits shall be
apportioned and paid to its members ratably upon the amounts of the
products sold to the corporation by its members, and the amounts of
the purchases of members from the corporation: provided, that if the
bylaws of the corporation shall so provide the directors may
apportion such earnings and profits in part to nonmembers upon the
amounts of their purchases and sales from or to the corporation.
general or special meeting lawfully called, shall apportion the net
earnings and profits thereof from time to time at least once in each
year in the following manner:
(1) Not less than ten percent (10%) thereof accruing since the
last apportionment shall be set aside in a surplus or reserve fund
until such fund shall equal at least fifty percent (50%) of the paid
up capital stock.
(2) Dividends at a rate not to exceed eight percent (8%) per
annum, may, in the discretion of the directors, be declared upon the
paid up capital stock. Five percent (5%) may be set aside for
educational purposes.
(3) The remainder of such net earnings and profits shall be
apportioned and paid to its members ratably upon the amounts of the
products sold to the corporation by its members, and the amounts of
the purchases of members from the corporation: provided, that if the
bylaws of the corporation shall so provide the directors may
apportion such earnings and profits in part to nonmembers upon the
amounts of their purchases and sales from or to the corporation.
Status: in_force · Read it on the official government site
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