§ 501.403 — Board action

Iowa § 501.403

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 501: CLOSED COOPERATIVES

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1. The board may hold regular or special meetings in or out of this state. A quorum of the
board consists of a majority of the directors.
2. Unless the articles or bylaws provide otherwise:
a. Regular board meetings may be held without notice of the date, time, place, or purpose
of the meeting.
b. Special board meetings must be preceded by at least two days’ notice of the date, time,
and place of the meeting; but the notice need not describe the purpose of the special meeting.
c. The board may create one or more committees composed of directors, and specify the
duties and authority of each committee.
d. The board may permit any number of directors to participate in a regular or special
meeting by, or conduct the meeting through, the use of any means of communication by
which all directors participating may simultaneously hear each other during the meeting.
e. Action required or permitted by this chapter to be taken at a board meeting may be
taken without a meeting if the action is taken by all members of the board. The action must
be evidenced by one or more written consents describing the action taken, signed by each
director, and included in the minutes or filed with the cooperative’s records reflecting the
action taken. Action taken under this section is effective when the last director signs the
consent, unless the consent specifies a different effective date. A consent signed under this
section has the effect of a meeting vote and may be described as such in any document.

3. A director may waive any notice required by this chapter, the articles, or the bylaws
before or after the date and time stated in the notice. The waiver must be in writing, signed
by the director entitled to the notice, and filed with the minutes or records of the cooperative.
A director’s attendance at or participation in a meeting waives any required notice to that
director of the meeting unless the director at the beginning of the meeting or promptly upon
the director’s arrival objects to holding the meeting or transacting business at the meeting
and does not thereafter vote for or assent to action taken at the meeting.