17-4623. Refunds to members. Revenues of a cooperative for any fiscal year in excess of the amount thereof necessary:
(a) To defray the expenses of the operation and maintenance of the facilities of the cooperative during such fiscal year;
(b) to pay interest and principal obligations of the cooperative coming due in such fiscal year;
(c) 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;
(d) to provide a reasonable reserve for working capital;
(e) to provide a reserve for the payment of indebtedness of the cooperative 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 shall, unless otherwise determined by a vote of the members, be distributed by the cooperative to its members and to other persons to whom the cooperative supplies electric energy or other services, as patronage refunds prorated in accordance with the patronage of the cooperative by the respective members and such other persons, paid for during such fiscal year: Provided, however, That such distribution shall not be made to any such other person until he has become a member of the cooperative.
If such other person does not become a member of the cooperative within one year after the amount of his distributive share or accumulated distributive shares equal the membership fee required by the bylaws of the cooperative, or if no membership fee is required, within two years after the declaration of any such patronage refund, he shall cease to be entitled to such share or shares. Nothing herein contained 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.
History: L. 1941, ch. 185, ยง 23; June 30.
Structure Kansas Statutes
Article 46 - Electric Cooperative, Nonprofit, Membership Corporations
17-4607 Articles of incorporation.
17-4612 Board of trustees; compensation, when; terms; quorum.
17-4614 Officers; election; agents and employees; removal.
17-4615 Amendment of articles of incorporation.
17-4616 Change of location of principal office.
17-4619 Effect of consolidation or merger.
17-4622 Filing of articles; fees.
17-4624 Disposition of property.
17-4625 Nonliability of members for debts of cooperative.
17-4626 Recordation of mortgages, effect thereof.
17-4628 Trustees, officers or members may take acknowledgments.
17-4630 Jurisdiction of the state corporation commission.
17-4631 Same; approval of mergers and consolidations.
17-4632 Securities act exemption.
17-4634 Annual report; annual report fee. [See Revisor's Note]
17-4635 Application of general corporation code.
17-4653 Purpose; incorporators.
17-4656 Articles of incorporation.
17-4660 Same; waiver of notice.
17-4663 Articles of incorporation; amendment.
17-4665 Principal office, change of location.
17-4666 Merger or consolidation.
17-4669 Excess revenues, distribution to members.
17-4670 Disposition of property.
17-4671 Nonliability of members for debt of cooperative.
17-4672 Recordation of instruments, effect.
17-4673 Actions or suits affecting easement or lease.
17-4674 Qualifications to take acknowledgments.
17-4675 State corporation commission; jurisdiction; approval of merger or consolidation.
17-4676 Exemption from securities act.
17-4677 Annual report; annual report fee. [See Revisor's Note]
17-4678 Payment of costs associated with distribution and transmission.
17-4679 Payment of costs of certificated retail electric provider.