Ark. Code § 23-17-229

Current with legislation from 2024 Fiscal and Special Sessions.

Section 23-17-229 - Use of revenues

The revenues of the cooperative shall be devoted to:

(1) The payment of operating and maintenance expenses, the rendition of efficient service, and the creation of adequate depreciation reserves sufficient to maintain the investment in facilities;

(2) The payment of the principal and interest on outstanding obligations;

(3) The payment of dividends on stock issued and outstanding, if any;

(4) The creation of such reserves for improvements, construction, and contingencies as the board from time to time may prescribe; and

(5) Any other purposes authorized by law.

Ark. Code § 23-17-229

Acts 1951, No. 51, § 27; A.S.A. 1947, § 77-1627; Acts 1989, No. 437, § 18.