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499.5 Permissible organizers.

1. Five or more individuals, or two or more associations, may organize an association.

2. All individual incorporators of agricultural associations must be engaged in producing agricultural products, which phrase includes landlords and tenants as specified in section 499.13.

3. A nonprofit water utility organized under chapter 357A or 504A may elect to become an association under this chapter upon majority vote of its members by filing with the secretary of state a statement confirming the election and appropriate articles of incorporation. However, the association is subject to the service limitation provisions contained in sections 357.1 and 357A.2.

Section History: Early form

[C35, § 8512-g5; C39, § 8512.05; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 499.5]

Section History: Recent form

88 Acts, ch 1172, § 3; 90 Acts, ch 1164, §1

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