N.Y. Coop. Corp. Law § 113 Reserves

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Coop. Corp. Law § 113

In addition to reserves for depreciation, depletion, obsolescence and bad debts, agricultural cooperatives shall create and maintain minimum general purpose reserves. Such reserves shall be set aside periodically until or unless they total an aggregate minimum amount computed in accordance with one of the following optional methods.

The aggregate minimum amount of such general purpose reserve shall be computed and equal either (1) at least two per centum of the average annual gross receipts ...

The general purpose reserve created, accumulated and maintained in accordance with this article six shall be deemed to be a required statutory reserve for each agricultural cooperative as defined in this article.

Cite as N.Y. Coop. Corp. Law § 113