COMPILED CODE - Iowa Legislature - State of Iowa

§1 5408-a2-5408-a7.
352
COOPERATIVE ASSOCIATIONS. Tit. XVII, Ch. 3-A.
SEC. 5408-a2. Terms defined—products of nonmember.
1 For the purpose of this chapter, the words "association", "ex-
2 change", "society", or "union", shall be construed to mean the same
3 and are defined to mean a corporate body composed of actual pro-
4 ducers or consumers of the given commodity handled by the associa-
5 tion, whose business is conducted for the mutual benefit of its members
6 and not for the profit of stockholders, and control of which is vested in
7 its members upon the basis of one vote to each member. No associa-
8 tion shall handle the products of any nonmember.
[39 G. A., ch. 122, § 2.]
SEC. 5408-a3. Incorporation—articles—personal liability.
1 They shall sign and acknowledge written articles, which shall con-
2 tain the name of the association and the names and residences of the
3 incorporators. Such articles shall also contain a statement of the pur-
4 poses of the association, the amount of the membership fee, and shall
5 designate the city, town or village where its principal place of business
6 shall be located, and the manner in which such articles may be
7 amended, and any limitation which the members propose to place upon
8 their personal liability for the debts of the association.
[39 G. A., ch. 122, § 3.]
SEC. 5408-a4. Filing—certificate of incorporation.
1 The original articles of incorporation shall be filed for record with
2 the secretary of state. Upon approval of such articles, the secretary
3 of state shall issue a certificate of incorporation.
[39 G. A., ch. 122, § 4.]
SEC. 5408-a5. Pees.
1 For filing the articles of incorporation of associations organized
2 under this chapter, there shall be paid to the secretary of state five
3 dollars, and for the filing of an amendment to such articles, two dol-
4 lars.
[39 G. A., ch. 122, § 5.]
SEC. 5408-a6. Board of directors—removals.
1 Every such association shall be managed by a board of not less
2 than five directors, who shall be elected by and from the members at
3 such time and for such term of office as the articles may prescribe. They
4 shall hold office until their successors are elected and qualify; but a
5 majority of the members shall have the power at any regular or special
6 meeting of the association legally called, to remove any director or
7 officer for cause, and fill the vacancy.
[39 G. A., ch. 122, § 6.]
SEC. 6408-a7. Officers.
1 The officers of every such association shall be a president, one or
2 more vice presidents, a secretary and treasurer, who shall be elected
3 annually by the directors, from amongst their own number. The offices
4 of secretary and treasurer may be held by the same person.
[39 G. A., ch. 122, § 7.]