§ 499A.11 — Ownership — certificate of membership

Iowa § 499A.11

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 499A: MULTIPLE HOUSING

Text

The cooperative has the right to purchase real estate for the purpose of erecting, owning,
and operating apartment houses or apartment buildings. The interest of each individual
member in the cooperative shall be evidenced by the issuance of a certificate of membership.
The certificate of membership is coupled with a possessory interest in the real and personal
propertyofthecooperative, entitlingeachmembertoaproprietaryleasewiththecooperative
under which each member has an exclusive possessory interest in an apartment unit and a
possessoryinterestincommonwithallothermembersinthatportionofthecooperative’sreal
andpersonalpropertynotconstitutingapartmentunits,andwhichcreatesalegalrelationship
of landlord and tenant between the cooperative and member. The certificate of membership
shall be executed by the president of the cooperative and attested by its secretary in the name
and in the behalf of the cooperative.

Legislative History

[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.11]