Iowa § 501.407 Personal liability — indemnification

Iowa Statutes

§ 501.407 — Personal liability — indemnification

Iowa § 501.407

Title XIIBUSINESS ENTITIES

Ch. 501CLOSED COOPERATIVES

This text of Iowa § 501.407 (Personal liability — indemnification) 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 § 501.407 (2026).

Text

1.The articles may contain a provision eliminating or limiting the personal liability of a director, officer, orinterestholderofthecooperativeformoneydamagesforanyactiontaken, or any failure to take action as a director, officer, or interest holder, except liability for any of the following:

a.An intentional infliction of harm on the cooperative or its members.

b.An intentional violation of criminal law.

c.The amount of a financial benefit received by the person to which the person is not entitled.

d.An act or omission occurring prior to the date when the provision in the articles becomes effective.

2.The articles may contain a provision permitting or making obligatory indemnification of a director or officer for liability, as defined in section 501.411, to any person for any action

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1. The articles may contain a provision eliminating or limiting the personal liability of a
director, officer, orinterestholderofthecooperativeformoneydamagesforanyactiontaken,
or any failure to take action as a director, officer, or interest holder, except liability for any of
the following:
a. An intentional infliction of harm on the cooperative or its members.
b. An intentional violation of criminal law.
c. The amount of a financial benefit received by the person to which the person is not
entitled.
d. An act or omission occurring prior to the date when the provision in the articles
becomes effective.
2. The articles may contain a provision permitting or making obligatory indemnification
of a director or officer for liability, as defined in section 501.411, to any person for any action
taken, or any failure to take any action, as a director or officer, except liability for any of the
following:
a. Receipt of a financial benefit to which the person is not entitled.
b. An intentional infliction of harm on the cooperative or its members.
c. An intentional violation of criminal law.