METHODS FOR HANDLING PATRONAGE LOSSES Sample Clauses

METHODS FOR HANDLING PATRONAGE LOSSES. The Board shall have complete discretion to determine the handling and ultimate disposition of this Cooperative's patronage-sourced net losses (including allocation unit losses) and the form, priority and manner in which such losses or portions thereof shall be taken into account, retained, and ultimately disposed of or recovered. The Board may retain such losses and subsequently (i) offset all or part of such net loss against the net income of one or more other allocation units for such fiscal year to the extent allowed by law; (ii) dispose of them by offset against the net earnings of this Cooperative (or of one or more of the allocation units) in subsequent years, (iii) apply such losses to prior years' patronage allocations at any time in order to dispose of them by means of offset and cancellation against patron's equity accounts, or (iv) select and use any other method of disposition of such losses as the Board, in its sole discretion, shall from time to time determine, provided however, that the net income or net loss of a Defined Business Unit shall not be netted against the net income or net loss of any other allocation unit, that patron equities distributed based on the earnings of a Defined Business Unit shall not be canceled based on the net loss of other allocation units and that the net loss of a Defined Business Unit shall not be applied in cancellation of patron equities distributed based on earnings of other allocation units.
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