35-15-411. Disposal of earnings -- dividends -- reserve fund -- educational fund. The directors of a cooperative association, subject to revision by the stockholders at a general or special meeting, may apportion the earnings of the association by first paying dividends on the paid-up capital stock, not exceeding 8% a year; from the remaining funds, if any, accessible for dividend purposes, not less than 5% of the net profits for a reserve fund until an amount has accumulated in the reserve fund amounting to 30% of the paid-up capital stock; and from the balance, if any, 5% for an educational fund to be used for teaching cooperation; and the remaining profits, if any, by uniform dividends on the amount of purchases of patrons and on the wages and for salaries of employees, the amount of uniform dividends on the amount of their purchases, which may be credited to the account of patrons on account of capital stock of the association; but in production associations such as creameries, canneries, elevators, factories, and the like, dividends must be on raw material delivered instead of on goods purchased. In case the association is both a selling and a productive concern, the dividends may be on both raw material delivered and on goods purchased by patrons.