Effective - 28 Aug 1939
394.170. Revenues of cooperative — disposition. — 1. Revenues of a cooperative for any fiscal year in excess of the amount thereof necessary:
(1) To defray expenses of the cooperative and of the operation and maintenance of its facilities during such fiscal year;
(2) To pay interest and principal obligations of the cooperative coming due in such fiscal year;
(3) 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 directors;
(4) To provide a reasonable reserve for working capital;
(5) 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
(6) 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, unless otherwise determined by a vote of the members, be distributed by the cooperative to its members as patronage refunds prorated in accordance with the patronage of the cooperative by the respective members paid for during such fiscal year.
2. 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.
--------
(RSMo 1939 § 5405)
Structure Missouri Revised Statutes
Title XXV - Incorporation and Regulation of Certain Utilities and Carriers
Chapter 394 - Rural Electric Cooperatives
Section 394.010 - Designation of chapter.
Section 394.020 - Definitions.
Section 394.030 - Formation of cooperative corporations authorized.
Section 394.040 - Who may organize.
Section 394.050 - Articles of incorporation — where filed.
Section 394.060 - Name of cooperative shall include what.
Section 394.070 - Corporation may become subject to provisions of chapter, how.
Section 394.080 - Powers, generally — may supply energy to certain cities, towns and villages, when.
Section 394.090 - Articles may be amended, how.
Section 394.100 - Articles to be filed with secretary of state.
Section 394.110 - Bylaws to be adopted.
Section 394.130 - Territory supplied by cooperative may be divided into voting districts.
Section 394.140 - Directors to manage cooperative.
Section 394.150 - Officers — removal.
Section 394.170 - Revenues of cooperative — disposition.
Section 394.180 - Sale of property by cooperative — membership approval required.
Section 394.190 - Effect of mortgage or deed of trust executed by cooperative.
Section 394.210 - Cooperatives may consolidate, how.
Section 394.220 - Cooperatives may merge, how.
Section 394.230 - Effect of consolidation or merger.
Section 394.240 - Dissolution of cooperative — procedure.
Section 394.250 - Fees to be collected by director of revenue.
Section 394.270 - Members not to be liable for debts of cooperative.
Section 394.280 - Provisions of securities law not to apply.
Section 394.290 - Acknowledgments, who may take.
Section 394.300 - Waiver of notice shall be deemed equivalent to such notice, when.