Iowa Code 501.701 – Records
Current as of: 2024 | Check for updates
|
Other versions
1. A cooperative shall keep as permanent records minutes of all meetings of its members and board of directors, a record of all actions taken by the members or board of directors without a meeting, and a record of all actions taken by a committee of the board of directors in place of the board of directors on behalf of the cooperative.
Terms Used In Iowa Code 501.701
- Articles: means the cooperative's articles of association. See Iowa Code 501.101
- Board: means the cooperative's board of directors. See Iowa Code 501.101
- Cooperative: means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501. See Iowa Code 501.101
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Interest: means a voting interest or other interest in a cooperative as described in the cooperative's articles of association. See Iowa Code 501.101
- 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
2. A cooperative shall maintain appropriate accounting records.
3. A cooperative or its agent shall maintain a record of its interest holders in a form that permits preparation of a list of the names and addresses of all interest holders in alphabetical order by class of interests showing the number and class of interests held by each.
4. A cooperative shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time.
5. A cooperative shall keep a copy of the following records:
a. Its articles or restated articles of association and all amendments to them currently in effect.
b. Its bylaws or restated bylaws and all amendments to them currently in effect.
c. Resolutions adopted by its board of directors creating one or more classes or series of interests, and fixing their relative rights, preferences, and limitations, if the interests issued pursuant to those resolutions are outstanding.
d. The minutes of all members’ meetings, and records of all action taken by members without a meeting, for the past three years.
e. All written communications to interest holders generally within the past three years, including the financial statements furnished for the past three years under section 501.711.
f. A list of the names and business addresses of its current directors and officers.
g. Its most recent biennial report delivered to the secretary of state under section 501.713.