Iowa § 501.603 Sale of assets

Iowa Statutes

§ 501.603 — Sale of assets

Iowa § 501.603

Title XIIBUSINESS ENTITIES

Ch. 501CLOSED COOPERATIVES

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Bluebook

Iowa Code § 501.603 (2026).

Text

1.A cooperative may, on the terms and conditions and for the consideration determined by the board, mortgage, pledge, or otherwise encumber any or all of its property.

2.A cooperative may sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property, with or without the goodwill, on the terms and conditions and for the consideration determined by the board, which consideration may include the interests of another cooperative, if the board recommends the proposed transaction to the members, and the members approve it by a vote of two-thirds of the votes cast in which vote a majority of all votes are cast. The board may condition its submission of the proposed transaction on any basis.

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1. A cooperative may, on the terms and conditions and for the consideration determined
by the board, mortgage, pledge, or otherwise encumber any or all of its property.
2. A cooperative may sell, lease, exchange, or otherwise dispose of all, or substantially
all, of its property, with or without the goodwill, on the terms and conditions and for the
consideration determined by the board, which consideration may include the interests of
another cooperative, if the board recommends the proposed transaction to the members, and
the members approve it by a vote of two-thirds of the votes cast in which vote a majority of
all votes are cast. The board may condition its submission of the proposed transaction on any
basis.