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South Carolina House of Representatives Considering Passage of Patronage Capital Legislation

The South Carolina House of Representatives is currently considering legislation that would significantly revise cooperatives' use and distribution of patronage capital. The bill would, among other things, clarify the requirement that patronage capital b
May 25, 2011

The South Carolina House of Representatives is currently considering legislation that would significantly revise cooperatives' use and distribution of patronage capital. The bill would, among other things, clarify the requirement that patronage capital be refunded to its members pro rata in accordance with the patronage of the respective members. It would also allow cooperatives the flexibility of allocating patronage capital in proportion to the revenue from members or the contribution of members to the cooperative's patronage capital (or a combination of such bases). A full text of the proposed bill can be found here.

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