498.23 Reserve and educational funds — patronage dividends.
Out of any surplus remaining in any given year, the directors shall each year set aside not less than ten percent of such savings for the accumulation of a reserve fund until such reserve shall equal at least forty percent of the invested capital of the association, not less than one percent nor more than five percent for a permanent educational fund from which expenditures shall be made annually at the discretion of the directors for the purpose of teaching cooperation, and the remainder to be returned to the members as a patronage dividend prorated on a uniform basis to each member upon the value of business done by that member through the association.
[C24, 27, 31, 35, 39, §8507; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.23]
Structure Iowa Code
Chapter 498 - NONPROFIT COOPERATIVE ASSOCIATIONS
Section 498.2 - Purposes of cooperative — limitation.
Section 498.3 - Terms defined — products of nonmembers.
Section 498.4 - Articles — personal liability.
Section 498.5 - Filing — certificate of incorporation.
Section 498.8 - Board of directors — removals.
Section 498.10 - Admission of members.
Section 498.11 - Membership certificates.
Section 498.12 - Certificates nontransferable — surrender.
Section 498.13 - Automatic cancellation — revocation.
Section 498.14 - Conditions printed on certificates.
Section 498.15 - Combinations of local associations.
Section 498.16 - Powers of central associations.
Section 498.17 - Voting power.
Section 498.18 - Proxies — voting by mail.
Section 498.19 - Power to compel sales and purchases — liquidated damages.
Section 498.20 - Financial power.
Section 498.21 - Personal liability.
Section 498.22 - Cost of service — dues.
Section 498.23 - Reserve and educational funds — patronage dividends.
Section 498.24 - Biennial report — penalty.
Section 498.25 - Exemption from report.
Section 498.26 - List of delinquents.
Section 498.27 - Notice to delinquents.
Section 498.28 - Cancellation.
Section 498.29 - Effect of cancellation.
Section 498.30 - Reinstatement of corporation.
Section 498.31 - Chapter extended to former associations.
Section 498.32 - Use of term “cooperative” — injunction.
Section 498.33 - Use of funds — promotion expenses.
Section 498.34 - Duration of incorporation — renewal.
Section 498.35 - Personal liability.