{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-432","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-432","heading":"Dividends and profits - Reserve fund","body":"The directors, subject to revision by the stockholders, at any\n\ngeneral or special meeting lawfully called, shall apportion the net\n\nearnings and profits thereof from time to time at least once in each\n\nyear in the following manner:\n\n(1) Not less than ten percent (10%) thereof accruing since the\n\nlast apportionment shall be set aside in a surplus or reserve fund\n\nuntil such fund shall equal at least fifty percent (50%) of the paid\n\nup capital stock.\n\n(2) Dividends at a rate not to exceed eight percent (8%) per\n\nannum, may, in the discretion of the directors, be declared upon the\n\npaid up capital stock. Five percent (5%) may be set aside for\n\neducational purposes.\n\n(3) The remainder of such net earnings and profits shall be\n\napportioned and paid to its members ratably upon the amounts of the\n\nproducts sold to the corporation by its members, and the amounts of\n\nthe purchases of members from the corporation: provided, that if the\n\nbylaws of the corporation shall so provide the directors may\n\napportion such earnings and profits in part to nonmembers upon the\n\namounts of their purchases and sales from or to the corporation.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2c26557bd6ae0815cd7f9bd42fce166629ed1ffc2adef12baf98a1799d338d29","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-431","next":"us-ok/okla.-stat.-tit.-18-18-433"},"notice":"GroundRules: Original legal text. Not legal advice."}