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Ch. 135
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2002 LAWS OF MARYLAND
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"Department" § 1-101
"Foreign corporation" § 1-101
5-638. REVENUES OF COOPERATIVE.
(A) AUTHORIZED USES.
REVENUES OF A COOPERATIVE FOR A FISCAL YEAR MAY BE USED:
(1) TO PAY THE EXPENSES OF OPERATING AND MAINTAINING THE
FACILITIES OF THE COOPERATIVE DURING THE FISCAL YEAR;
(2) TO PAY INTEREST AND PRINCIPAL OBLIGATIONS OF THE
COOPERATIVE THAT ARE DUE IN THE FISCAL YEAR;
(3) TO THE EXTENT DETERMINED BY THE BOARD OF DIRECTORS, TO
FINANCE OR PROVIDE A RESERVE FOR THE FINANCING OF THE CONSTRUCTION OR
ACQUISITION BY THE COOPERATIVE OF ADDITIONAL FACILITIES;
(4) TO PROVIDE A REASONABLE RESERVE FOR WORKING CAPITAL;
(5) TO PROVIDE A RESERVE FOR THE PAYMENT OF THE INDEBTEDNESS
OF THE COOPERATIVE IN AN AMOUNT NOT LESS THAN THE TOTAL INTEREST AND
PRINCIPAL PAYMENTS THAT ARE DUE DURING THE NEXT FISCAL YEAR;
(6) TO PROVIDE FOR EDUCATION ABOUT COOPERATIVES; AND
(7) TO PROVIDE FOR THE DISSEMINATION OF INFORMATION ABOUT THE
EFFECTIVE USE OF ELECTRICITY AND SERVICES MADE AVAILABLE BY THE
COOPERATIVE.
(B) ALLOCATION OF EXCESS REVENUES TO MEMBERS AND OTHER PERSONS.
(1) UNLESS OTHERWISE DETERMINED BY A VOTE OF THE MEMBERS OF
THE COOPERATIVE, FOR EACH FISCAL YEAR, THE REVENUES OF A COOPERATIVE IN
EXCESS OF THE AMOUNT NECESSARY TO PROVIDE FOR THE ITEMS DESCRIBED IN
SUBSECTION (A) OF THIS SECTION SHALL BE ALLOCATED BY THE COOPERATIVE, IN
THE FORM OF PATRONAGE CREDITS, TO:
(I) ITS MEMBERS; AND
(II) OTHER PERSONS TO WHOM THE COOPERATIVE SUPPLIES
ELECTRICITY OR PROVIDES OTHER SERVICES.
(2) FOR EACH FISCAL YEAR, THE PATRONAGE CREDITS SHALL BE
ALLOCATED TO A MEMBER OR OTHER PERSON IN PROPORTION TO THE PATRONAGE
OF THE MEMBER OR OTHER PERSON DURING THE FISCAL YEAR
(C) EFFECT OF SECTION.
THIS SECTION DOES NOT PROHIBIT THE PAYMENT BY A COOPERATIVE OF ALL
OR PART OF ITS INDEBTEDNESS BEFORE IT BECOMES DUE.
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- 1442 -
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