Louisiana § 17:2821 Use of revenues

Louisiana Statutes

§ 17:2821 — Use of revenues

Louisiana·Title 17 Credit Union Law

A. Revenues of a cooperative for any fiscal year shall first be used to:

(1)Defray expenses of the cooperative and of the operation and maintenance of its facilities during such fiscal year;

(2)Pay interest and principal of obligations of the cooperative coming due in such fiscal year;

(3)Finance, or to provide a reserve for the financing of, the construction or acquisition by the cooperative of additional facilities to the extent determined by the board of directors;

(4)Provide a reasonable reserve for working capital;

(5)Provide a reserve for the payment of indebtedness of the cooperative maturing more than one year after the date of the incurrence of such indebtedness in an amount not less than the total of the interest and payments in respect thereof required to be made during the

Free access — add to your briefcase to read the full text and ask questions with AI

A. Revenues of a cooperative for any fiscal year shall first be used to:
(1) Defray expenses of the cooperative and of the operation and maintenance of its facilities during such fiscal year;
(2) Pay interest and principal of obligations of the cooperative coming due in such fiscal year;
(3) Finance, or to provide a reserve for the financing of, the construction or acquisition by the cooperative of additional facilities to the extent determined by the board of directors;
(4) Provide a reasonable reserve for working capital;
(5) Provide a reserve for the payment of indebtedness of the cooperative maturing more than one year after the date of the incurrence of such indebtedness in an amount not less than the total of the interest and payments in respect thereof required to be made during the next following fiscal year; and
(6) Provide a fund for education in cooperation and for the dissemination of information concerning the services made available by the cooperative.
B. Nothing herein contained shall be construed to prohibit the payment by a cooperative of all or any part of its indebtedness prior to the date when the same shall become due.

Louisiana § 17:2821 (Use of revenues) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.