This text of Iowa § 499.30A (Reversion of disbursements) 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.
1.As used in this section, “disbursement” means an amount of any dividend, patronage
dividend, distributionincludingearningsdistribution, oranyotherincrementorsumrealized
oraccruingfromamembershiporstock,subscription,orotherequityinterestinacooperative
association.
2.Once a person’s membership or stock, subscription, or other member’s equity in
a cooperative association is deemed abandoned under section 556.5, the cooperative
association may retain any disbursement held by the cooperative association for or owing to
the person. The cooperative association may also deliver the disbursement to the treasurer
of state for disposition as abandoned property pursuant to sections 556.5 and 556.11.
3.If the cooperative association elects to retain the disbursement under this section,
the disburs
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1. As used in this section, “disbursement” means an amount of any dividend, patronage
dividend, distributionincludingearningsdistribution, oranyotherincrementorsumrealized
oraccruingfromamembershiporstock,subscription,orotherequityinterestinacooperative
association.
2. Once a person’s membership or stock, subscription, or other member’s equity in
a cooperative association is deemed abandoned under section 556.5, the cooperative
association may retain any disbursement held by the cooperative association for or owing to
the person. The cooperative association may also deliver the disbursement to the treasurer
of state for disposition as abandoned property pursuant to sections 556.5 and 556.11.
3. If the cooperative association elects to retain the disbursement under this section,
the disbursement shall be deposited into a reversion fund established by the cooperative
association.
4. Adisbursementhavinganaggregatevalueoffiftydollarsormorethatisretainedbythe
cooperativeassociationshallbeforfeitedtothecooperativeassociationonlyifthecooperative
association publishes at least one notice of the abandoned property in a publication regularly
distributed to its membership or in a newspaper having a general circulation in the county
where the cooperative association is located. The notice shall include all of the following:
a. The name and address of the cooperative association.
b. The name of the person who has an interest in the disbursement according to the
records of the cooperative association.
c. A brief description of the type of disbursement retained by the cooperative association.
d. Astatementthatthedisbursementwillbeforfeitedtothecooperativeassociationunless
the person files a claim for the disbursement within the period provided for in this section.
5. a. Subject to this subsection, a person asserting an interest in the disbursement may
file a claim for it with the cooperative association in a manner and according to procedures
required by the cooperative association. If a person is entitled to an abandoned membership,
stock, subscription, or other interest as provided in section 556.20 or 556.21, the cooperative
association shall also pay the person the disbursement deposited in the reversion fund that
is realized or accrued from the membership or stock, subscription, or other interest.
b. If a person has not filed a claim for the disbursement within six months after the first
date that the notice of abandoned property is first published as provided in this section, the
disbursement shall be forfeited to the cooperative association.
6. The disbursements deposited into the reversion fund that are forfeited to the
cooperative association shall be used as provided in this subsection. The cooperative
association may authorize the payment of forfeited disbursements to persons claiming
interests in forfeited disbursements as provided in the cooperative association’s articles of
incorporation or bylaws. Otherwise, forfeited disbursements shall be used as the directors
deem suitable for any of the following purposes:
a. Teaching and promoting cooperation. The directors may deposit the amounts of
disbursements into the education fund as provided in section 499.30.
b. Economic development including private or joint public and private investments
involving the creation of economic opportunities for its members or the retention of existing
sources of income that would otherwise be lost.