394.170. Revenues of cooperative--disposition. - Missouri Statutes

Revenues of cooperative--disposition.

394.170. 1. Revenues of a cooperative for any fiscal yearin excess of the amount thereof necessary:

(1) To defray expenses of the cooperative and of theoperation and maintenance of its facilities during such fiscalyear;

(2) To pay interest and principal obligations of thecooperative coming due in such fiscal year;

(3) To finance, or to provide a reserve for the financingof, the construction or acquisition by the cooperative ofadditional facilities to the extent determined by the board ofdirectors;

(4) To provide a reasonable reserve for working capital;

(5) To provide a reserve for the payment of indebtedness ofthe cooperative maturing more than one year after the date of theincurrence of such indebtedness in an amount not less than thetotal of the interest and principal payments in respect thereofrequired to be made during the next following fiscal year; and

(6) To provide a fund for education in cooperation and forthe dissemination of information concerning the effective use ofelectric energy and other services made available by thecooperative;shall, unless otherwise determined by a vote of the members, bedistributed by the cooperative to its members as patronagerefunds prorated in accordance with the patronage of thecooperative by the respective members paid for during such fiscalyear.

2. Nothing herein contained shall be construed to prohibitthe payment by a cooperative of all or any part of itsindebtedness prior to the date when the same shall become due.

(RSMo 1939 § 5405)