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308A.701 RESERVES.
    Subdivision 1. Capital reserve. A cooperative may set aside a portion of net income as the
board determines advisable to create or maintain a capital reserve.
    Subd. 2. Additional reserves. In addition to a capital reserve, the board may:
(1) set aside an amount not to exceed five percent of the annual net income of the cooperative
for promoting and encouraging cooperative organization; and
(2) establish and accumulate reserves for new buildings, machinery and equipment,
depreciation, losses, and other proper purposes.
History: 1989 c 144 art 1 s 37

Official Publication of the State of Minnesota
Revisor of Statutes