Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 308A.701. Reserves

Current as of January 01, 2025 | Updated by Findlaw Staff

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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Cite this article: FindLaw.com - Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 308A.701. Reserves - last updated January 01, 2025 | https://codes.findlaw.com/mn/business-social-and-charitable-organizations-ch-300-323a/mn-st-sect-308a-701/

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