Shinn v. Growers Fertilizer Cooperative

RYDER, Judge.

This is an appeal from a final summary judgment entered in favor of appellee in a declaratory judgment action. The judgment of which appellants complain approved the method by which appellee plans to convert from a nonprofit agricultural cooperative marketing association, formed pursuant to chapter 618, to a chapter 607 for-profit corporation. The issue we must resolve is whether the trial court was correct in its determination that the cooperative could, as part of the conversion, distribute its retained earnings to its members on the basis of their past patronage rather than in…