1. A cooperative may issue the number of shares of each class authorized by its articles. A cooperative may issue fractional shares. Stock may be represented by certificates or by entry on the cooperative's stock record books.
2. A member may sell or otherwise transfer stock, other than voting stock, to any other member or to any person who has been approved by the board for membership, subject to the limitations in the articles or bylaws on the amount of each class of stock that may be owned by one member.
3. A cooperative may acquire its own stock, and shares so acquired constitute authorized but unissued shares.
96 Acts, ch 1010, §30
Iowa General Assembly
Search: Iowa Code 1997
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