As used in this chapter, unless the context requires otherwise:
 1. “Alternative voting method” means a method of voting other than a written ballot, including voting by electronic, telephonic, internet, or other means that reasonably allows members the opportunity to vote.

Terms Used In Iowa Code 501.101

  • 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
  • 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.
  • Farming: means the same as defined in section 9H. See Iowa Code 501.101
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • Internet: means the federated international system that is composed of allied electronic communication networks linked by telecommunication channels, that uses standardized protocols, and that facilitates electronic communication services, including but not limited to use of the world wide web; the transmission of electronic mail or messages; the transfer of files and data or other electronic information; and the transmission of voice, image, and video. See Iowa Code 4.1
  • Member: means a person who owns a voting interest in a cooperative. See Iowa Code 501.101
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • United States: includes all the states. See Iowa Code 4.1
  • Voting interest: means an interest in a cooperative that has voting rights. See Iowa Code 501.101
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. “Articles” means the cooperative‘s articles of association.
 3. “Authorized person” means a person who is one of the following:

 a. A farming entity.
 b. A person who owns at least one hundred fifty acres of agricultural land and receives as rent a share of the crops or the animals raised on the land if that person is a natural person or a general partnership as organized under chapter 486, Code 1999, or chapter 486A in which all partners are natural persons.
 c. An employee of the cooperative who performs at least one thousand hours of service for the cooperative in each calendar year.
 4. “Board” means the cooperative’s board of directors.
 5. “Cooperative” means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501.601.
 6. “Farming” means the same as defined in section 9H.1.
 7. “Farming entity” means any one of the following:

 a. A natural person or a fiduciary for a natural person who regularly participates in physical labor or operations management in a farming operation and files schedule F as part of the person’s annual form 1040 or form 1041 filing with the United States internal revenue service.
 b. A family farm corporation, family farm limited liability company, family farm limited partnership, or family trust, as defined in section 9H.1.
 c. A general partnership as organized under chapter 486, Code 1999, or chapter 486A in which all the partners are natural persons actively engaged in farming as provided in section 9H.1.
 8. “Interest” means a voting interest or other interest in a cooperative as described in the cooperative’s articles of association.
 9. “Interest holder” means a person who owns an interest in a cooperative, whether or not that interest has voting rights.
 10. “Member” means a person who owns a voting interest in a cooperative.
 11. “Membership” means the interest established by a member owning a voting interest.
 12. “Voting interest” means an interest in a cooperative that has voting rights.
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