resources / Statutes / Nonprofit Corporations / §10-2067
Title 10 – Corporations and Associations
Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies
Article 2 – Electric Cooperative Nonprofit Membership Corporations
- A cooperative shall be operated on a nonprofit basis for the mutual benefit of its members and patrons. The by-laws of a cooperative or its contracts with consumers shall contain such provisions relative to the disposition of revenues and receipts as may be necessary and appropriate to establish and maintain its nonprofit and cooperative character.