§ 504.1032 — Amendment terminating members or redeeming or canceling memberships

Iowa § 504.1032

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 504: REVISED IOWA NONPROFIT CORPORATION ACT

Text

1. Unlessthearticlesorbylawsprovideotherwise, anamendmenttothearticlesorbylaws

of a public benefit or mutual benefit corporation which would terminate all members or any
class of members or redeem or cancel all memberships or any class of memberships must
meet the requirements of this chapter and this section.
2. Before adopting a resolution proposing such an amendment, the board of a mutual
benefit corporation shall give notice of the general nature of the amendment to the members.
3. After adopting a resolution proposing such an amendment, the notice to members
proposing such amendment shall include one statement of up to five hundred words
opposing the proposed amendment, if such statement is submitted by any five members
or members having three percent or more of the voting power, whichever is less, not later
than twenty days after the board has voted to submit such amendment to the members
for their approval. In public benefit corporations, the production and mailing costs of the
statement opposing the proposed amendment shall be paid by the requesting members. In
mutual benefit corporations, the production and mailing costs of the statement opposing the
proposed amendment shall be paid by the corporation.
4. Any such amendment shall be approved by the members by two-thirds of the votes cast
by each class.
5. The provisions of section 504.622 shall not apply to any amendment meeting the
requirements of this chapter and this section.