No membership or share of common stock shall ever be issued to, or held by, any party not eligible to membership in the association under its articles. Individuals may be made eligible only if they are engaged in producing products marketed by the association, or if they customarily consume or use the supplies or commodities it handles, or use the services it renders. Farm tenants, and landlords who receive a share of agricultural products as rent, may be made eligible to membership in agricultural associations as producers. Other associations engaged in any directly or indirectly related activity may be made eligible to membership. Federated associations may be formed whose membership is restricted to cooperative associations.
[C35, § 8512-g13; C39, § 8512.13; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 499.13]
Referred to in § 499.5, 499.5A
Iowa General Assembly
Search: Iowa Code 1997
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