Iowa § 497.14 May act as trustee

Iowa Statutes

§ 497.14 — May act as trustee

Iowa § 497.14

Title XIIBUSINESS ENTITIES

Ch. 497COOPERATIVE ASSOCIATIONS

This text of Iowa § 497.14 (May act as trustee) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 497.14 (2026).

Text

In case the cash value of such purchased business exceeds one thousand dollars, the
directors of the association are authorized to hold the shares in excess of one thousand
dollars in trust for the vendor, and dispose of the same to such persons, and within such
times, as may be mutually satisfactory to the parties in interest, and to pay the proceeds
thereof as currently received to the former owner of said business.

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In case the cash value of such purchased business exceeds one thousand dollars, the
directors of the association are authorized to hold the shares in excess of one thousand
dollars in trust for the vendor, and dispose of the same to such persons, and within such
times, as may be mutually satisfactory to the parties in interest, and to pay the proceeds
thereof as currently received to the former owner of said business.