Iowa Code 501B.21 – Membership interest not transferable
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Terms Used In Iowa Code 501B.21
- Governing principles: includes any amendment or restatement of the agreements constituting the governing principles. See Iowa Code 501B.2
- Member: means a person that, under the governing principles, may participate in the selection of persons authorized to manage the affairs of the unincorporated nonprofit association or in the development of the policies and activities of the association. See Iowa Code 501B.2
Except as otherwise provided in the governing principles, a member‘s interest or any right under the governing principles is not transferable.