§ 501A.502 — Organizers

Iowa § 501A.502

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 501A: COOPERATIVE ASSOCIATIONS ACT

Text

1. Qualification. Acooperativemaybeorganizedbyoneormoreorganizerswhoshallbe
adult natural persons, and who may act for themselves as individuals or as the agents of other
entities. The organizers forming the cooperative need not be members of the cooperative.
2. Role of organizers. If the first board of directors is not named in the articles of
organization, the organizers may elect the first board or may act as directors with all of
the powers, rights, duties, and liabilities of directors, until directors are elected or until a
contribution is accepted, whichever occurs first.
3. Meeting or written action.
a. After the filing of articles of organization, the organizers or the directors named in the
articles of organization shall either hold an organizational meeting at the call of a majority
of the organizers or of the directors named in the articles, or take written action for the
purposes of transacting business and taking actions necessary or appropriate to complete
the organization of the cooperative, including but not limited to all of the following:
13 COOPERATIVE ASSOCIATIONS ACT, §501A.504
(1) Amending the articles.
(2) Electing directors.
(3) Adopting bylaws.
(4) Authorizing or ratifying the purchase, lease, or other acquisition of suitable space,
furniture, furnishings, supplies, or materials.
(5) Adopting a fiscal year.
(6) Contracting to receive and accept contributions.
(7) Making appropriate tax elections.
b. If a meeting is held, the person or persons calling the meeting shall give at least three
days’ notice of the meeting to each organizer or director named, stating the date, time, and
placeofthemeeting. Organizersanddirectorsmaywaivenoticeofanorganizationalmeeting
in the same manner that a director may waive notice of meetings of the board.