Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 2nd Session of the 60th Legislature (2026)
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3 SENATE BILL 2117 By: Murdock
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6 AS INTRODUCED
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7 An Act relating to the Cooperative Marketing
7 Association Act; amending 2 O.S. 2021, Sections 17-1
8 and 17-13, which relate to short title and financial
8 statements; modifying short title; modifying entity
9 required to submit certain financial statements; and
9 providing an effective date.
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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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13 SECTION 1. AMENDATORY 2 O.S. 2021, Section 17-1, is
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14 amended to read as follows:
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15 Section 17-1. This act shall be known and may be cited as the
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16 "Cooperative Marketing Association Act of 2026".
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17 SECTION 2. AMENDATORY 2 O.S. 2021, Section 17-13, is
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18 amended to read as follows:
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19 Section 17-13. A. At the time of each dividend apportionment
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20 of earnings and at least once in every year, the directors shall
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21 cause to be prepared a financial statement showing:
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22 1. The financial condition of the corporation association at
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23 the end of the period to which such dividend or apportionment
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Req. No. 2704 Page 1
1 relates, in a form as shall fully exhibit the assets and liabilities
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2 of the corporation association; and
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3 2. Its earnings, purchases and sales, expenses and outlays, for
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4 the period covered by the dividend or apportionment, in the manner
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5 that a good understanding of the condition of the corporation
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6 association may be obtained from the financial statement.
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7 The directors shall cause the financial statement to be kept on file
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8 with the secretary, or such other officer as the directors may
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9 designate. The financial statement may be examined by any member of
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10 the corporation association at all reasonable times.
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11 B. The directors, subject to the revision by the members or
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12 stockholders, at any general or special meeting lawfully called
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13 shall apportion the net earnings from time to time at least once in
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14 each year.
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15 C. An association shall limit the interest it pays on
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16 membership capital or stock to an amount not greater than eight
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17 percent (8%) per annum. The apportionment shall not be made until
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18 not less than ten percent (10%) of any undistributed balance
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19 accruing since the last apportionment, has been set aside in a
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20 surplus or reserve fund unless such surplus or reserve funds equal
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21 at least one hundred percent (100%) of the paid up membership fees
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22 or capital stock.
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23 D. 1. Undistributed balances from any source, in excess of
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24 additions to reserves and surplus, shall be distributed on the basis
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Req. No. 2704 Page 2
1 of patronage, that is according to the amount or value, as the
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2 association may decide, of the products sold to or through, and/or
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3 purchased from or through, the association by its patrons.
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4 2. The distribution of the balances may be restricted to
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5 members or be made at the same rate for members and nonmembers.
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6 3. The bylaws may provide that any distribution to a nonmember,
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7 eligible for membership may be credited to a nonmember until the
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8 amount equals the value of a membership certificate or a share of
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9 the association's common stock.
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10 4. A distribution credited to the account of a nonmember shall
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11 revert to the reserve fund to be used for educational purposes if,
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12 after two (2) years, the amount is less than the value of a
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13 membership certificate or a share of common stock, or in case the
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14 person does not accept and exercise membership privileges.
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15 SECTION 3. This act shall become effective November 1, 2026.
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17 60-2-2704 YG 1/15/2026 12:58:35 PM
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Req. No. 2704 Page 3Every fact on this page links to its source, starting with the official bill record.