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23-17-229. Use of revenues.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-17-229
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ea28dfcc0c8b5095fd3e4224f2d88a27e95e752ea4511cf493a9b3f60e0d6150
Source location: content.xml paragraph 12171
Stored source content
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.
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