497.18 - EDUCATIONAL FUND -- DIVIDENDS.
497.18 EDUCATIONAL FUND -- DIVIDENDS. The board may each year, out of remaining net profits, subject to the approval of the association at any general or special meeting: 1. Provide an educational fund to be used in teaching cooperation, not exceeding five percent of the net profits. 2. Declare and pay a dividend on the stock, not exceeding ten percent.
Section History: Early Form [SS15, § 1641-r13; C24, 27, 31, 35, 39, § 8476; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 497.18]