The bylaws of a telephone cooperative shall provide for the distribution of excess revenue to its members. Excess revenues do not include amounts:

1. (1) necessary to defray expenses of the telephone cooperative and for the operation and maintenance of its facilities during such fiscal year;
2. (2) to pay interest and principal obligations of the telephone cooperative coming due in such fiscal year;
3. (3) to finance or to provide a reserve for the financing of the construction or acquisition by the telephone cooperative of additional facilities to the extent determined by the board of directors;
4. (4) to provide a reasonable reserve for working capital; and

5. (5) to retire shares of the telephone cooperative to the extent determined by the board of directors.

   Sums in excess of those specified above must, unless otherwise determined by a vote of the membership, be assigned by the telephone cooperative to its members as patronage capital. Nothing herein shall be construed so as to designate the method, manner, and time of distribution of excess revenue to the members, which must be governed by the cooperative bylaws, so long as the cooperative's distribution policies and procedures comply with acceptable practices under the procedures for corporations exempt from income tax pursuant to Title 26, Section 501(c)(12) of the United States Code or Subchapter T of the United States Internal Revenue Code.