(805 ILCS 317/51) Sec. 51. Earnings and losses. (a) The net earnings and losses of an association formed
under this Act shall be apportioned and distributed in such
manner as the articles or cooperative agreement shall
specify. Net earnings declared as patronage allocations with
respect to a period of time, and paid or credited to patron
members, shall be apportioned among the patron members in
accordance with the ratio which each patron member's
patronage during the applicable time period bears to the
total patronage by all patron members during that period. (b) The apportionment, distribution, and payment of net
earnings required by subsection (a) of this Section may be
in cash, credits, or written notices of allocation issued by
the association.
(Source: P.A. 102-351, eff. 8-13-21.) |