Iowa Code 501A.811 – Patron member voting based on patronage
Current as of: 2023 | Check for updates
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1.
Patron members to have an additional vote.
A cooperative may authorize by the articles or the bylaws for patron members to have an additional vote for all of the following:
a. A stipulated amount of business transacted between the patron member and cooperative.
b. A stipulated number of patron members in a member cooperative.
c. A certain stipulated amount of equity allocated to or held by a patron member in the cooperative’s central organization.
d. A combination of methods provided in this subsection.
Terms Used In Iowa Code 501A.811
- Articles: means the articles of organization of a cooperative as originally filed or subsequently amended as provided in this chapter. See Iowa Code 501A.102
- Cooperative: means a business association organized under this chapter. See Iowa Code 501A.102
- 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
- Member: means a person or entity reflected on the books of a cooperative as the owner of governance rights of a membership interest of the cooperative and includes patron and nonpatron members. See Iowa Code 501A.102
- Patron: means a person or entity who conducts patronage with the cooperative, regardless of whether the person is a member. See Iowa Code 501A.102
- Patron member: means a member holding a patron membership interest. See Iowa Code 501A.102
2.
Delegates elected by patrons to have an additional vote.
A cooperative that is organized into units or districts of patron members may, by the articles or the bylaws, authorize the delegates elected by its patron members to have an additional vote for any of the following:
a. A stipulated amount of business transacted between the patron members in the units or districts and the cooperative.
b. A certain stipulated amount of equity allocated to or held by the patron members of the units or districts of the cooperative.
c. A combination of methods in this subsection.