Code of Alabama
Article 1 - General Provisions.
Section 37-6-20 - Disposition of Excess Revenues.

Revenues of a cooperative for any fiscal year in excess of the amount thereof necessary to defray expenses of the cooperative and of the operation and maintenance of its facilities during such fiscal year; to pay interest and principal obligations of the cooperative coming due in such fiscal year; to 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 trustees; to provide a reasonable reserve for working capital; to provide a reserve for the payment of indebtedness of the cooperative maturing more than one year after the date of the incurrence 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 the next following fiscal year; and to provide a fund for education in cooperation and for the dissemination of information concerning the effective use of electric energy and other services made available by the cooperative shall be distributed by the cooperative to its members as, and in the manner, provided in the bylaws, either as patronage refunds prorated in accordance with the patronage of the cooperative by the respective members paid for during such fiscal year or by way of general rate reductions, or by combination of such methods. Nothing contained in this article shall be construed to prohibit the payment by a cooperative of all or any part of its indebtedness prior to the date when the same shall become due.

Structure Code of Alabama

Code of Alabama

Title 37 - Public Utilities and Public Transportation.

Chapter 6 - Electric Cooperatives.

Article 1 - General Provisions.

Section 37-6-1 - Definitions.

Section 37-6-2 - Organization and Purpose.

Section 37-6-3 - Enumerated Powers.

Section 37-6-4 - Name.

Section 37-6-5 - Incorporators.

Section 37-6-6 - Articles of Incorporation - Generally.

Section 37-6-7 - Articles of Incorporation - Amendment.

Section 37-6-8 - Bylaws.

Section 37-6-9 - Qualifications for Membership; Meetings; Voting.

Section 37-6-10 - Board of Trustees.

Section 37-6-11 - Voting Districts.

Section 37-6-12 - Officers.

Section 37-6-13 - Consolidation Generally.

Section 37-6-14 - Merger Generally.

Section 37-6-15 - Effect of Consolidation or Merger.

Section 37-6-16 - Conversion of Existing Corporation Into Cooperative.

Section 37-6-18 - Dissolution.

Section 37-6-19 - Filing of Articles.

Section 37-6-20 - Disposition of Excess Revenues.

Section 37-6-21 - Sale, Lease or Encumbrance of Property; Offeror's Disclosure Statement; Invitations for Competing or Alternative Proposals; Exceptions; Effect of Violation.

Section 37-6-22 - Nonliability of Members for Debts of Cooperative.

Section 37-6-23 - Liens.

Section 37-6-24 - Waiver of Notice.

Section 37-6-25 - Acknowledgment of Instruments.

Section 37-6-26 - Foreign Corporations.

Section 37-6-28 - Bonds or Other Indebtedness - Consent of Department of Finance.

Section 37-6-27 - Exemption From Jurisdiction of Public Service Commission.

Section 37-6-30 - Terminating or Declining Service Because of Indebtedness to Cooperative; When Account in Dispute.

Section 37-6-29 - Bonds or Other Indebtedness - Exemption From Provisions of Securities Law.