Okla. Stat. tit. 18, § 18-438.23
This is the official text of Okla. Stat. tit. 18, § 18-438.23, 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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Operation for mutual benefit - Disposition of receipts
Official statutory text
and revenues.
A cooperative shall be operated on a nonprofit basis for the
mutual benefit of its members and patrons. The bylaws of a
cooperative or its contracts with members and patrons shall contain
such provisions relative to the disposition of revenues and receipts
as may be necessary and appropriate to establish and maintain its
nonprofit and cooperative character. In the case of a cooperative
authorized to issue shares of stock, such bylaws or contracts shall
provide that no monies shall be paid or credits given on the basis
of patronage except after the declaration or payment of dividends on
the outstanding shares of stock in accordance with the articles of
incorporation of the cooperative, and such bylaws or contracts shall
otherwise be consistent with the cooperative's obligations in
respect of such shares of stock.
A cooperative shall be operated on a nonprofit basis for the
mutual benefit of its members and patrons. The bylaws of a
cooperative or its contracts with members and patrons shall contain
such provisions relative to the disposition of revenues and receipts
as may be necessary and appropriate to establish and maintain its
nonprofit and cooperative character. In the case of a cooperative
authorized to issue shares of stock, such bylaws or contracts shall
provide that no monies shall be paid or credits given on the basis
of patronage except after the declaration or payment of dividends on
the outstanding shares of stock in accordance with the articles of
incorporation of the cooperative, and such bylaws or contracts shall
otherwise be consistent with the cooperative's obligations in
respect of such shares of stock.
Status: in_force · Read it on the official government site
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