COMPILED CODE - Iowa Legislature - State of Iowa

355
Tit. XVII, Ch. 3-A. COOPERATIVE ASSOCIATIONS. §§ 5408-al5-5408-al8.
11 one per cent nor more than five per cent for a permanent educational
12 fund from which expenditures shall be made annually at the discretion
13 of the directors for the purpose of teaching cooperation, and the re-
14 mainder to be returned to the members as a patronage dividend pro-
15 rated on a uniform basis to each member upon the value of business
16 done by him through the association.
[39 G. A., ch. 122, § 14.]
SEC. 5408-al5. Annual report—penalty.
1 Every association organized under the terms of this chapter shall
2 annually, on or before the first day of March of each year, make a re-
3 port to the secretary of state ; such report shall contain the name of the
4 company, its principal place of business in this state, and generally a
5 statement as to its business, showing total amount of business trans-
6 acted, number of members, total expense of operation, amount of in-
7 debtedness and its profits or losses.
8 Failure to comply with this section shall subject the delinquent
9 association to a fine of ten dollars for each month or fraction of a
10 month during which such reports are delayed.
[39 G. A., ch. 122, § 15.]
SEC. 5408-al6. Existing associations.
1 All corporations, or associations heretofore organized and doing
2 business under prior statutes, or which have attempted so to organize
3 and do business cooperatively, shall have the benefit of all the provis-
4 ions of this chapter and be bound thereby, on filing with the secretary
5 of state a written declaration signed and sworn to by the president and
6 secretary, to the effect that said company or association has, by a ma-
7 jority vote of its stockholders, decided to accept the benefits of and to
8 be bound by the provisions of this chapter.
[39 G. A.,ch. 122, § 16.]
SEC. 5408-al7. Who may use term "cooperative"—penalty—injunction.
1 No corporation or association hereafter organized shall be entitled
2 to use the term "cooperative" as part of its corporate or other business
3 name or title, unless it has complied with the provisions of this chapter
4 or of sections fifty-three hundred eighty-nine, fifty-three hundred
5 ninety, fifty-three hundred ninety-one, fifty-three hundred ninety-
6 three, fifty-three hundred ninety-four, fifty-three hundred ninety-five,
7 fifty-three hundred ninety-seven to fifty-four hundred eight, inclusive,
8 of the compiled code, fifty-three hundred ninety-two and fifty-three
9 hundred ninety-six of this supplement, and any corporation or associa-
10 tion violating the provisions of this chapter may be enjoined from
11 doing business under such name at the instance of any stockholder of
12 any association legally organized under the provisions of this chapter.
39 G. A., ch. 122, § 17.]
SEC. 5408-al8. Use of funds—promotion expenses.
1 None of the funds of any association shall be used for purposes of
2 any promotion as commissions, salaries or expenses of any kind, char-
3 acter or nature whatsoever, except that in the case of associations
4 operating in more than one county, if the par value of securities to be