Iowa Code 504.1705 – Public benefit, mutual benefit, and religious corporations
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Terms Used In Iowa Code 504.1705
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: means a public benefit, mutual benefit, or religious corporation. See Iowa Code 504.141
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mutual benefit corporation: means a domestic or foreign corporation that is required to be a mutual benefit corporation pursuant to section 504. See Iowa Code 504.141
- Person: includes any individual or entity. See Iowa Code 504.141
- Public benefit corporation: means a domestic or foreign corporation that is required to be a public benefit corporation pursuant to section 504. See Iowa Code 504.141
- Religious corporation: means a domestic or foreign corporation that engages in religious activity as one of the corporation's principal purposes. See Iowa Code 504.141
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Statute: A law passed by a legislature.
- United States: includes a district, authority, bureau, commission, department, and any other agency of the United States. See Iowa Code 504.141
504.1705 Public benefit, mutual benefit, and religious corporations.
For the purposes of this chapter, each domestic corporation shall be deemed a public benefit, mutual benefit, or religious corporation as follows:
1. A corporation designated by statute as a public benefit corporation, a mutual benefit corporation, or a religious corporation is deemed to be the type of corporation designated by that statute.
2. A corporation that does not come within subsection 1 but is organized primarily or exclusively for religious purposes is a religious corporation.
3. A corporation that does not come within subsection 1 or 2 but which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation.
4. A corporation that does not come within subsection 1, 2, or 3, but which is organized for a public or charitable purpose and which upon dissolution must distribute its assets to a public benefit corporation, the United States, a state, or a person recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation.
5. A corporation that does not come within subsection 1, 2, 3, or 4 is a mutual benefit corporation.
2004 Acts, ch 1049, §180, 192
Referred to in §504.141
For the purposes of this chapter, each domestic corporation shall be deemed a public benefit, mutual benefit, or religious corporation as follows:
1. A corporation designated by statute as a public benefit corporation, a mutual benefit corporation, or a religious corporation is deemed to be the type of corporation designated by that statute.
2. A corporation that does not come within subsection 1 but is organized primarily or exclusively for religious purposes is a religious corporation.
3. A corporation that does not come within subsection 1 or 2 but which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation.
4. A corporation that does not come within subsection 1, 2, or 3, but which is organized for a public or charitable purpose and which upon dissolution must distribute its assets to a public benefit corporation, the United States, a state, or a person recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation.
5. A corporation that does not come within subsection 1, 2, 3, or 4 is a mutual benefit corporation.
2004 Acts, ch 1049, §180, 192
Referred to in §504.141