497.18 Educational fund — dividends.
The board may each year, out of remaining net profits, subject to the approval of the association at any general or special meeting:
1. Provide an educational fund to be used in teaching cooperation, not exceeding five percent of the net profits.
2. Declare and pay a dividend on the stock, not exceeding ten percent.
[SS15, §1641-r13; C24, 27, 31, 35, 39, §8476; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §497.18]
Structure Iowa Code
Chapter 497 - COOPERATIVE ASSOCIATIONS
Section 497.1 - Purposes of cooperative.
Section 497.2 - Articles of incorporation.
Section 497.3 - Filing — certificate of incorporation.
Section 497.5 - Board of directors.
Section 497.8 - Amending articles.
Section 497.9 - Record of amendments.
Section 497.11 - Ownership of shares and voting power limited.
Section 497.12 - Stockholding.
Section 497.13 - Issue of shares as payment.
Section 497.14 - May act as trustee.
Section 497.15 - Paid-up stock — right to vote.
Section 497.16 - Voting by mail.
Section 497.17 - Reserve fund.
Section 497.18 - Educational fund — dividends.
Section 497.19 - Additional dividends.
Section 497.20 - When dividends distributed.
Section 497.22 - Biennial report — penalty.
Section 497.23 - Exemption from report.
Section 497.24 - List of delinquents.
Section 497.25 - Notice to delinquents.
Section 497.26 - Cancellation.
Section 497.27 - Effect of cancellation.
Section 497.28 - Reinstatement of corporation.
Section 497.29 - Chapter extended to former companies.
Section 497.30 - Use of term “cooperative” restricted.
Section 497.31 - Use of funds.
Section 497.32 - Private property exempt.
Section 497.33 - Personal liability.