Oklahoma § 18-437.19 - Refunds to members

§ 18-437.19. Refunds to members

Revenues of a cooperative for any fiscal year in excess of the

amount thereof necessary:

Oklahoma Statutes - Title 18. Corporations

(a) To defray expenses of the cooperative and of the operation

and maintenance of its facilities 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 maturing more than one (1) 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

(f) 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. 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.

Laws 1939, p. 267, § 20.