Browse Arkansas Code titles and sections
23-17-228. Nonprofit operation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-17-228. Nonprofit operation.
(a) Each cooperative shall be operated on a nonprofit basis for the mutual benefit of its members and patrons.
(b)(1) The bylaws of a cooperative or its contracts with members and patrons shall contain provisions consistent with § 23-17-229 relative to the disposition of revenues and receipts as may be necessary and appropriate to establish and maintain its nonprofit cooperative character.
(2) In the case of a cooperative authorized to issue shares of stock, the bylaws and contracts shall provide that no moneys shall be paid, except after the declaration or payment of dividends on the outstanding shares of stock in accordance with the certificate of incorporation of the cooperative, and the bylaws or contracts shall otherwise be consistent with cooperatives' obligations in respect to the shares of stock.
(c) Subject to the provisions of this subchapter, the articles of incorporation of the cooperative, and the bylaws of the cooperative, the cooperative's board of directors shall have the authority to determine the qualifications for a person to be considered a “patron” of the cooperative.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-17-228
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-17-228
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c1898ad2fcc68a0e17f16c6ff8f2fec260d989f3a098b9acb3df893a8705a8a1
Source location: content.xml paragraph 12160
Stored source content
23-17-228. Nonprofit operation.
(a) Each cooperative shall be operated on a nonprofit basis for the mutual benefit of its members and patrons.
(b)(1) The bylaws of a cooperative or its contracts with members and patrons shall contain provisions consistent with § 23-17-229 relative to the disposition of revenues and receipts as may be necessary and appropriate to establish and maintain its nonprofit cooperative character.
(2) In the case of a cooperative authorized to issue shares of stock, the bylaws and contracts shall provide that no moneys shall be paid, except after the declaration or payment of dividends on the outstanding shares of stock in accordance with the certificate of incorporation of the cooperative, and the bylaws or contracts shall otherwise be consistent with cooperatives' obligations in respect to the shares of stock.
(c) Subject to the provisions of this subchapter, the articles of incorporation of the cooperative, and the bylaws of the cooperative, the cooperative's board of directors shall have the authority to determine the qualifications for a person to be considered a “patron” of the cooperative.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-17-229. Use of revenues.
The revenues of the cooperative shall be devoted to:
(1) The payment of operating and maintenance expenses, the rendition of efficient service, and the creation of adequate depreciation reserves sufficient to maintain the investment in facilities;
(2) The payment of the principal and interest on outstanding obligations;
(3) The payment of dividends on stock issued and outstanding, if any;
(4) The creation of such reserves for improvements, construction, and contingencies as the board from time to time may prescribe; and
(5) Any other purposes authorized by law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-17-229
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-17-229. This identifies an authority to review, not proof of applicability.