Tennessee Statutes
§ 65-29-121 — Use of revenue
Tennessee·Title 65
(a)Revenues of a corporation for any fiscal year may be used to:
(1)Defray expenses of the cooperative and of the operation and maintenance of its facilities during such fiscal year;
(2)Pay the interest and principal 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 (1) year after the date of issuance of such indebtedness in an amount not less than the total of the interest and principal payments in respect thereof required to be made during
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Tennessee § 65-29-121 (Use of revenue) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1961, ch. 330, § 20; 1973, ch. 157, § 2; T.C.A., § 65-2921.
Nearby Sections
15
§ 65-1-102
Commissioners - Prohibited activities§ 65-1-103
Meetings§ 65-1-104
Quorum - Chair and vice chair - Panels§ 65-1-105
Compensation - Expenses§ 65-1-107
§ 65-1-107§ 65-1-108
Office - Furniture and supplies§ 65-1-109
Executive director§ 65-1-110
Minutes and official documents§ 65-1-111
Report to general assembly§ 65-1-112
Copies of records§ 65-1-113
Enforcement - Duties of commission