§ 2-10-103 — Charges for Expenses and Creating Reserve; Patronage Dividends

Alabama § 2-10-103

• Jurisdiction: Alabama
• Title 2: Agriculture
• Ch. 10: Cooperatives and Associations
• Art. 4: Mutual Farming or Trucking Associations

Text

An association incorporated under this article may make charges to its members and deductions from the proceeds of their products for services rendered to them, for the purpose of paying the expenses of operation and the maintenance and development of such association and for the creation and maintenance of reserves for the purpose of paying expenses, retiring obligations, acquiring, maintaining and operating property necessary or useful in carrying out the purpose of this article and for caring for contingencies, and such reserves may be used or distributed as may be deemed proper by the board of directors under the bylaws. Such corporation may make patronage dividends or distributions to its members and may do any and all things not unlawful in carrying out the purposes of this article, and shall have and enjoy all the rights, privileges and immunities of other corporations not inconsistent with this article.

Legislative History

(Acts 1935, No. 220, p. 604; Code 1940, T. 2, §127.)