Iowa Code 497.18 – Educational fund — dividends
Current as of: 2023 | Check for updates
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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.
Terms Used In Iowa Code 497.18
- year: means twelve consecutive months. See Iowa Code 4.1
2. Declare and pay a dividend on the stock, not exceeding ten percent.