§ 501.805 — Effect of dissolution

Iowa § 501.805

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

Text

1. A dissolved cooperative continues its existence but shall not carry on any business
except that appropriate to wind up and liquidate its business and affairs, including any of
the following:
a. Collecting its assets.
b. Disposing of its properties that will not be distributed in kind in accordance with this
chapter and the cooperative’s articles of association.
c. Discharging or making provision for discharging its liabilities.
d. Distributing its remaining property in accordance with this chapter and the
cooperative’s articles of association.
e. Doing every other act necessary to wind up and liquidate its business and affairs.
2. Dissolution of a cooperative does not do any of the following:
a. Transfer title to the cooperative’s property.
b. Prevent transfer of its interests, although the authorization to dissolve may provide for
closing the cooperative’s interest transfer records.

c. Subject its directors or officers to standards of conduct different from those prescribed
in section 501.406.
d. Change quorum or voting requirements for its board of directors or members; change
provisions for selection, resignation, or removal of its directors or officers or both; or change
provisions for amending its bylaws.
e. Prevent commencement of a proceeding by or against the cooperative in its name.
f. Abate or suspend a proceeding pending by or against the cooperative on the effective
date of dissolution.
g. Terminate the authority of the registered agent of the cooperative.