2006 Minnesota Statutes

308B.705 RESTATEMENT OF VALUE OF PREVIOUS CONTRIBUTIONS.
    Subdivision 1. Definition. As used in this section, an "old contribution" is a contribution
reflected in the required records of a cooperative before the time the cooperative accepts a new
contribution.
    Subd. 2. Restatement required. Whenever a cooperative accepts a new contribution, the
board shall restate, as required by this section, the value of all old contributions.
    Subd. 3. Restatement as to particular series or class to which new contribution pertains.
(a) Unless otherwise provided in the articles or bylaws, this subdivision sets forth the method
of restating the value of old contributions that pertain to the same series or class to which the
new contribution pertains. To restate the value:
(1) state the value the cooperative has accorded to the new contribution under section
308B.701, subdivision 3, clause (1);
(2) determine what percentage the value stated under clause (1) will constitute, after the
restatement required by this subdivision, of the total value of all contributions that pertain to the
particular series or class to which the new contribution pertains;
(3) divide the value stated under clause (1) by the percentage determined under clause (2),
yielding the total value, after the restatement required by this subdivision, of all contributions
pertaining to the particular series or class;
(4) subtract the value stated under clause (1) from the value determined under clause
(3), yielding the total value, after the restatement required by this subdivision, of all the old
contributions pertaining to the particular series or class;
(5) subtract the value, as reflected in the required records before the restatement required by
this subdivision, of the old contributions from the value determined under clause (4), yielding
the value to be allocated among and added to the old contributions pertaining to the particular
series or class; and
(6) allocate the value determined under clause (5) proportionally among the old contributions
pertaining to the particular series or class, add the allocated values to those old contributions,
and change the required records accordingly.
(b) The values determined under paragraph (a), clause (5), and allocated and added under
paragraph (a), clause (6), may be positive, negative, or zero.
    Subd. 4. Restatement method for other series or class. Unless otherwise provided in the
articles or bylaws, this subdivision sets forth the method of restating the value of old contributions
that do not pertain to the same series or class to which the new contribution pertains. To restate
the value:
(1) determine the percentage by which the restatement under subdivision 3 has changed the
total contribution value reflected in the required records for the series or class to which the new
contribution pertains; and
(2) as to each old contribution that does not pertain to the same series or class to which the
new contribution pertains, change the value reflected in the required records by the percentage
determined under clause (1). The percentage determined under clause (1) may be positive,
negative, or zero.
    Subd. 5. New contributions may be aggregated. If a cooperative accepts more than one
contribution pertaining to the same series or class at the same time, then for the purpose of the
restatement required by this section, the cooperative may consider all the new contributions a
single contribution.
History: 2003 c 105 art 1 s 61