Kentucky Statutes 272.030 – Reserve fund
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By a vote of at least two-thirds (2/3) of the stockholders or members, and after the payment of a fixed dividend upon its stock, but before the profits are prorated, any cooperative corporation may create a reserve fund by setting aside each year ten percent (10%) to twenty-five percent (25%) of the remainder of the net profits of its business.
Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 393, sec. 3, effective July 15, 1986. — Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 883d-7.
Effective: July 15, 1986
Terms Used In Kentucky Statutes 272.030
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Year: means calendar year. See Kentucky Statutes 446.010
History: Amended 1986 Ky. Acts ch. 393, sec. 3, effective July 15, 1986. — Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 883d-7.