Arizona Revised Statutes (Last Updated: March 31, 2016) |
Title 10. Corporations and Associations |
Chapter 19. CORPORATIONS AND ASSOCIATIONS NOT FOR PROFIT |
Article 2. Electric Cooperative Nonprofit Membership Corporations |
Sec 10-2067. Nonprofit operation
Latest version.
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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.