§ 441-1007. Limitations on distributions
Oklahoma Statutes AnnotatedTitle 18. Corporations
18 Okl.St.Ann. § 441-1007
§ 441-1007. Limitations on distributions
LIMITATIONS ON DISTRIBUTIONS.
(b) A limited cooperative association may base a determination that a distribution is not prohibited under subsection (a) of this section on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.
(e) For purposes of this section, “distribution” does not include reasonable amounts paid to a member in the ordinary course of business as payment or compensation for commodities, goods, past or present services, or reasonable payments made in the ordinary course of business under a bona fide retirement or other benefits program.
Credits
Laws 2009, c. 68, § 96, eff. Jan. 1, 2010.
18 Okl. St. Ann. § 441-1007, OK ST T. 18 § 441-1007
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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