Minnesota § 308A.701 RESERVES

Minnesota Statutes

§ 308A.701 — RESERVES

Minnesota § 308A.701

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 308ACOOPERATIVE LAW

This text of Minnesota § 308A.701 (RESERVES) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 308A.701 (2026).

Text

Subdivision 1.Capital reserve. A cooperative may set aside a portion of net income as the board determines advisable to create or maintain a capital reserve. Subd. 2.Additional reserves. In addition to a capital reserve, the board may:

(1)set aside an amount not to exceed five percent of the annual net income of the cooperative for promoting and encouraging cooperative organization; and

(2)establish and accumulate reserves for new buildings, machinery and equipment, depreciation, losses, and other proper purposes.

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Subdivision 1.Capital reserve.
A cooperative may set aside a portion of net income as the board determines advisable to create or maintain a capital reserve.

Subd. 2.Additional reserves.
In addition to a capital reserve, the board may:
(1) set aside an amount not to exceed five percent of the annual net income of the cooperative for promoting and encouraging cooperative organization; and
(2) establish and accumulate reserves for new buildings, machinery and equipment, depreciation, losses, and other proper purposes.