§1980. Earnings or losses
1. Apportionment. The net earnings or losses of an employee cooperative shall be apportioned and distributed at such times and in such manner as the articles of organization or bylaws shall specify. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, shall be apportioned among the members in accordance with the ratio which each member's patronage during the period involved bears to total patronage by all members during that period.
[PL 1983, c. 136 (NEW).]
2. Method. The apportionment, distribution and payment of net earnings required by this section may be in cash, credits, written notices of allocation or capital stock issued by the employee cooperative.
[PL 1983, c. 136 (NEW).]
SECTION HISTORY
PL 1983, c. 136 (NEW).
Structure Maine Revised Statutes
Part 2: CORPORATIONS WITHOUT CAPITAL
Subchapter 3: EMPLOYEE COOPERATIVE CORPORATIONS
13 §1973. Application of other laws
13 §1974. Registration of securities
13 §1975. Formation of employee cooperative corporation; revocation
13 §1976. Use of words "cooperative," "co-op"
13 §1977. Membership in employee cooperative corporation
13 §1978. Membership shares; fees
13 §1981. Accounting for earnings or losses
13 §1982. Internal capital account cooperatives
13 §1983. Revocation of election as employee cooperative corporation