Articles of incorporation must be signed and acknowledged by each incorporator. They may deal with any fiscal or internal affair of the association or any subject hereof in any manner not inconsistent with this chapter. All articles must state in the English language:
1. The name of the association, which must include the word "cooperative"; and the address of its principal office.
2. The purposes for which it is formed, and a statement that it is organized under this chapter.
3. Its duration, which may be perpetual.
4. The name, occupation and post-office address of each incorporator.
5. The number of directors, their qualifications and terms of office, and how they shall be chosen and removed.
6. Who are eligible for membership, how members shall be admitted and membership lost, how earnings shall be distributed among members, how assets shall be distributed in liquidation, and, in addition, either:
a. That the association shall have capital stock; the classes, par value and authorized number of shares of each class thereof; how shares shall be issued and paid for; and what rights, limitations, conditions and restrictions pertain to the stock, which shall be alike as to all stock of the same class; or
b. That the association shall have no capital stock, and what limitations, conditions, restrictions and rights pertain to membership; and if the rights are unequal, the rules respecting them shall be specifically stated.
7. The date of the first regular meeting of members.
8. The name and street address of the association's initial registered agent.
[C35, § 8512-g40; C39, § 8512.40; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 499.40]
93 Acts, ch 126, § 15
Referred to in § 499.42, 499.43
Iowa General Assembly
Search: Iowa Code 1997
© 1997 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Mon Jan 27 16:05:08 CST 1997
URL: /DOCS/IACODE/1997/499/40.html
jhf