The net proceeds or savings of a cooperative shall be apportioned, distributed and paid periodically to the persons entitled to receive them at the times and in the reasonable manner as the bylaws provide. However, net proceeds or savings on patronage of the cooperative by its members shall be apportioned and distributed among these members in accordance with the ratio which each member's patronage during the period involved bears to total patronage by all members during that period. The bylaws may contain reasonable provisions for the apportionment and charging of net losses. For the purposes of this section work performed as a member of a workers' cooperative is considered as patronage of that cooperative.
Section: Previous 10.15.240 10.15.245 10.15.250 10.15.255 10.15.260 10.15.265 10.15.270 10.15.275 10.15.280 10.15.285 10.15.290 10.15.295 10.15.300 10.15.305 10.15.310 NextLast modified: November 15, 2016