{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-17-13","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-17-13","heading":"Financial statements – Dividends and earnings – Interest","body":"on membership capital or stock – Surplus or reserve fund –\n\nUndistributed balances.\n\nA. At the time of each dividend apportionment of earnings and\n\nat least once in every year, the directors shall cause to be\n\nprepared a financial statement showing:\n\n1. The financial condition of the corporation at the end of the\n\nperiod to which such dividend or apportionment relates, in a form as\n\nshall fully exhibit the assets and liabilities of the corporation;\n\nand\n\n2. Its earnings, purchases and sales, expenses and outlays, for\n\nthe period covered by the dividend or apportionment, in the manner\n\nthat a good understanding of the condition of the corporation may be\n\nobtained from the financial statement.\n\nThe directors shall cause the financial statement to be kept on file\n\nwith the secretary, or such other officer as the directors may\n\ndesignate. The financial statement may be examined by any member of\n\nthe corporation at all reasonable times.\n\nB. The directors, subject to the revision by the members or\n\nstockholders, at any general or special meeting lawfully called\n\nshall apportion the net earnings from time to time at least once in\n\neach year.\n\nC. An association shall limit the interest it pays on\n\nmembership capital or stock to an amount not greater than eight\n\npercent (8%) per annum. The apportionment shall not be made until\n\nnot less than ten percent (10%) of any undistributed balance\n\naccruing since the last apportionment, has been set aside in a\n\nsurplus or reserve fund unless such surplus or reserve funds equal\n\nat least one hundred percent (100%) of the paid up membership fees\n\nor capital stock.\n\nD. 1. Undistributed balances from any source, in excess of\n\nadditions to reserves and surplus, shall be distributed on the basis\n\nof patronage, that is according to the amount or value, as the\n\nassociation may decide, of the products sold to or through, and/or\n\npurchased from or through, the association by its patrons.\n\n2. The distribution of the balances may be restricted to\n\nmembers or be made at the same rate for members and nonmembers.\n\n3. The bylaws may provide that any distribution to a nonmember,\n\neligible for membership may be credited to a nonmember until the\n\namount equals the value of a membership certificate or a share of\n\nthe association's common stock.\n\n4. A distribution credited to the account of a nonmember shall\n\nrevert to the reserve fund to be used for educational purposes if,\n\nafter two (2) years, the amount is less than the value of a\n\nmembership certificate or a share of common stock, or in case the\n\nperson does not accept and exercise membership privileges.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c80e537b0fe18f32ff35a44a86fdc9988070acf2146c3179ce8a5cabf39a0ad8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-17-12","next":"us-ok/okla.-stat.-tit.-2-2-17-14"},"notice":"GroundRules: Original legal text. Not legal advice."}