LegalFix
Sign In

23.78.070 Net earnings or losses—Apportionment, distribution, and payment.

WA Rev Code § 23.78.070 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

RCW 23.78.070 Net earnings or losses—Apportionment, distribution, and payment.

(1) The net earnings or losses of an employee cooperative shall be apportioned and distributed at the times and in the manner as the articles of incorporation 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.

(2) The apportionment, distribution, and payment of net earnings required by subsection (1) of this section may be in cash, credits, written notices of allocation, or capital stock issued by the employee cooperative.

[ 1987 c 457 § 8.]

Previous Section
23.78.060 Right to vote—Power to amend or repeal bylaws—Right to amend articles of incorporation.
Next Section
23.78.080 Internal capital accounts authorized—Redemptions—Assignment of portion of retained net earnings and net losses to collective reserve account authorized.