Iowa § 499.37A Standards of conduct for officers

Iowa Statutes

§ 499.37A — Standards of conduct for officers

Iowa § 499.37A

Title XIIBUSINESS ENTITIES

Ch. 499COOPERATIVE ASSOCIATIONS

This text of Iowa § 499.37A (Standards of conduct for officers) 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 § 499.37A (2026).

Text

1.An officer, when performing in such capacity, shall act in conformity with all of the following:

a.In good faith.

b.With the care that a person in a like position would reasonably exercise under similar circumstances.

c.In a manner the officer reasonably believes to be in the best interests of the association.

2.In discharging the officer’s duties, an officer who does not have knowledge that makes such reliance unwarranted is entitled to rely on any of the following:

a.The performance of properly delegated responsibilities by one or more employees of the association whom the officer reasonably believes to be reliable and competent in performing the responsibilities delegated. §499.37A, COOPERATIVE ASSOCIATIONS 14

b.Information, opinions, reports, or statements, including financial

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1. An officer, when performing in such capacity, shall act in conformity with all of the
following:
a. In good faith.
b. With the care that a person in a like position would reasonably exercise under similar
circumstances.
c. In a manner the officer reasonably believes to be in the best interests of the association.
2. In discharging the officer’s duties, an officer who does not have knowledge that makes
such reliance unwarranted is entitled to rely on any of the following:
a. The performance of properly delegated responsibilities by one or more employees
of the association whom the officer reasonably believes to be reliable and competent in
performing the responsibilities delegated.
§499.37A, COOPERATIVE ASSOCIATIONS 14
b. Information, opinions, reports, or statements, including financial statements and other
financial data, prepared or presented by one or more employees of the association whom the
officer reasonably believes to be reliable and competent in the matters presented.
c. Legal counsel, public accountants, or other persons retained by the association as to
matters involving skills or expertise the officer reasonably believes are matters within the
particular person’s professional or expert competence or as to which the particular person
merits confidence.
3. An officer shall not be liable as an officer to the association or its members for any
decision to take or not to take action, or any failure to take any action, if the duties of the
officer are performed in compliance with this section. Whether an officer who does not
comply with this section is liable depends in such instance on applicable law, including those
principles of section 499.36A that have relevance.