Iowa Code 501.305 – Multiple membership prohibited
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 501.305
- Cooperative: means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501. See Iowa Code 501.101
- 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
- Member: means a person who owns a voting interest in a cooperative. See Iowa Code 501.101
- Membership: means the interest established by a member owning a voting interest. See Iowa Code 501.101
- 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
A person who is a member owning fifteen percent or more of a cooperative shall not be eligible to be a member of any other cooperative organized under this chapter. A person violating this section is subject to a civil penalty of not more than one hundred dollars. The person’s membership in a cooperative shall terminate if the person’s acquisition of an interest in that cooperative caused the person to be in violation of this section.