North Dakota § 10-13-06 Use of revenue - Dividends

North Dakota Statutes

§ 10-13-06 — Use of revenue - Dividends

North Dakota § 10-13-06

Title 10Corporations

Ch. 10-13Electric Cooperative Corporations

This text of North Dakota § 10-13-06 (Use of revenue - Dividends) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 10-13-06 (2026).

Text

The revenues of an electric cooperative shall be devoted first to the payment of operating
and maintenance expenses and the principal and interest on outstanding obligations, and

thereafter, to such reserves for improvement, new construction, depreciation, and contingencies
as the board of directors from time to time may prescribe. Revenues not required for the
purposes set forth in this section shall be returned from time to time to the members of the
cooperative in cash, in abatement of current charges for electrical energy, or otherwise as the
board of directors may determine on a pro rata basis according to the amount of business done
with each during the period. Such return may be made by way of general rate reduction to the
members if the board of directors so elects.

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The revenues of an electric cooperative shall be devoted first to the payment of operating
and maintenance expenses and the principal and interest on outstanding obligations, and

thereafter, to such reserves for improvement, new construction, depreciation, and contingencies
as the board of directors from time to time may prescribe. Revenues not required for the
purposes set forth in this section shall be returned from time to time to the members of the
cooperative in cash, in abatement of current charges for electrical energy, or otherwise as the
board of directors may determine on a pro rata basis according to the amount of business done
with each during the period. Such return may be made by way of general rate reduction to the
members if the board of directors so elects.