Associations with capital stock may divide the shares into common and preferred stock. Par value stock shall not be issued for less than par. The general corporation laws shall govern the consideration for which no-par stock is issued. If the articles so provide, common stock may be issued in two classes, voting and nonvoting. Voting stock shall be issued to all agricultural producers and nonvoting stock to all other members. Nonvoting stock shall have all privileges of membership except the right to vote. Preferred stock held by nonmembers shall not exceed in amount that held by members.
[C35, § 8512-g22; C39, § 8512.22; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 499.22]
Iowa General Assembly
Search: Iowa Code 1997
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