Net income of a cooperative association organized under this article, in excess of additions to reserves, surpluses, and other authorized deductions, may be distributed to members and to nonmember patrons on the basis of patronage. Any distribution of reserves or surpluses at any time shall be made to members at the time distribution is ordered and to other persons entitled thereto on the basis of patronage.
(Ga. L. 1939, p. 350, § 5; Code 1933, § 65-231, enacted by Ga. L. 1973, p. 835, § 2.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 18 Am. Jur. 2d, Cooperative Associations, § 21.
C.J.S.- 3 C.J.S., Agriculture, § 175 et seq.
ALR.- Construction and effect of cooperative farm or dairy products agreement with respect to association's charges and deductions for gathering, grading, processing, shipping, and marketing the products, 90 A.L.R.2d 1142.