§ 499.5 — Permissible organizers

Iowa § 499.5

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 499: COOPERATIVE ASSOCIATIONS

Text

1. Five or more individuals, or two or more associations, may organize an association.
2. All individual incorporators of agricultural associations must be engaged in producing
agricultural products, which phrase includes landlords and tenants as specified in section
499.13.
3. A nonprofit water utility organized under chapter 357A or 504 may elect to become an
association under this chapter upon majority vote of its members by filing with the secretary
of state a statement confirming the election and appropriate articles of incorporation.
However, the association is subject to the service limitation provisions contained in sections
357.1A and 357A.2.

4. A telephone company organized as a corporation under chapter 491 and qualifying
pursuanttoaninternalrevenueserviceletterrulingunderInternalRevenueCode§501(c)(12)
as a nonprofit corporation entitled to distribute profits in a manner similar to an association
under this chapter may reorganize as an association under this chapter upon the affirmative
vote of two-thirds of the votes cast by the shares entitled to vote in an election at a meeting
at which a majority of all shares entitled to vote cast a vote.

Legislative History

[C35, §8512-g5; C39, §8512.05; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499.5]