Maine Revised Statutes Title 13 Sec. 1980 – Earnings or losses
Current as of: 2023 | Check for updates
|
Other versions
1. Apportionment. The net earnings or losses of an employee cooperative shall be apportioned and distributed at such times and in such manner as the articles of organization or bylaws shall specify. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, shall be apportioned among the members in accordance with the ratio which each member‘s patronage during the period involved bears to total patronage by all members during that period.
[PL 1983, c. 136 (NEW).]
Terms Used In Maine Revised Statutes Title 13 Sec. 1980
- Employee cooperative: means a corporation which has duly elected to be governed by this subchapter. See Maine Revised Statutes Title 13 Sec. 1972
- Member: means a natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative. See Maine Revised Statutes Title 13 Sec. 1972
- Patronage: means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation or bylaws. See Maine Revised Statutes Title 13 Sec. 1972
2. Method. The apportionment, distribution and payment of net earnings required by this section may be in cash, credits, written notices of allocation or capital stock issued by the employee cooperative.
[PL 1983, c. 136 (NEW).]
SECTION HISTORY
PL 1983, c. 136 (NEW).