Art. 65 Legal reserve
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Statute for a European Cooperative Society (SCE)
- 00. Preamble
- Art. 01 Form of the SCE
- Art. 02 Formation
- Art. 03 Minimum capital
- Art. 04 Capital of the SCE
- Art. 05 Statutes
- Art. 06 Registered office
- Art. 07 Transfer of registered office
- Art. 08 Law applicable
- Art. 09 Principle of non-discrimination
- Art. 10 Particulars to be stated in the documents
- Art. 11 Registration and disclosure requirements
- Art. 12 Publication of documents in the Member States
- Art. 13 Notice in the Official Journal of the European Union
- Art. 14 Acquisition of membership
- Art. 15 Loss of membership
- Art. 16 Financial entitlements of members in the event of resignation or expulsion
- Art. 17 Law applicable during formation
- Art. 18 Acquisition of legal personality
- Art. 19-34 Formation by merger
- Art. 35 Procedures for formation by conversion
- Art. 36 Structure of organs
- Art. 37-41 Two-tier system
- Art. 42-44 The one-tier system
- Art. 45-51 Rules common to the one-tier and two-tier systems
- Art. 52-62 General meeting
- Art. 63 Sectorial or section meetings
- Art. 64 Securities other than shares and debentures conferring special advantages
- Art. 65 Legal reserve
- Art. 66 Dividend
- Art. 67 Allocation of available surplus
- Art. 68-71 Annual accounts and consolidated accounts
- Art. 72-76 Winding up; Liquidation; Insolvency and Cessation of payments
- Art. 77 Economic and monetary union
- Art. 78-80 Final Provisions
1. Without prejudice to mandatory provisions of national laws, the statutes shall lay down rules for the allocation of the surplus for each financial year.
2. Where there is such a surplus, the statutes shall require the establishment of a legal reserve funded out of the surplus before any other allocation.
Until such time as the legal reserve is equal to the capital referred to in Article 3(2), the amount allocated to it may not be less than 15 % of the surplus for the financial year after deduction of any losses carried over.
3. Members leaving the SCE shall have no claim against the sums thus allocated to the legal reserve.
