The revenues of the cooperative shall be devoted to:(1) The payment of operating and maintenance expenses, the rendition of efficient service, and the creation of adequate depreciation reserves sufficient to maintain the investment in facilities;(2) The payment of the principal and interest on outstanding obligations;(3) The payment of dividends on stock issued and outstanding, if any;(4) The creation of such reserves for improvements, construction, and contingencies as the board from time to time may prescribe; and(5) Any other purposes authorized by law.Acts 1951, No. 51, § 27; A.S.A. 1947, § 77-1627; Acts 1989, No. 437, § 18. The revenues of the cooperative shall be devoted to:(1) The payment of operating and maintenance expenses, the rendition of efficient service, and the creation of adequate depreciation reserves sufficient to maintain the investment in facilities;(2) The payment of the principal and interest on outstanding obligations;(3) The payment of dividends on stock issued and outstanding, if any;(4) The creation of such reserves for improvements, construction, and contingencies as the board from time to time may prescribe; and(5) Any other purposes authorized by law.Acts 1951, No. 51, § 27; A.S.A. 1947, § 77-1627; Acts 1989, No. 437, § 18.
Arkansas Legal Code