reglab/housing_qa huggingface dataset:
IA Code § 501.101 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.101 - Definitions.

501.101 Definitions.   As used in this chapter, unless the context requires otherwise:   1. “Alternative voting method” means a method of voting other than a written ballot, including voting by electronic, telephonic, internet, or other means that reasonably allows members the opportunity to vote.   2. “Articles” means the cooperative’s articles of association.   3. “Authorized person” means a person who is one of the following:   a. A farming entity.   b. A person who owns at least one hundred fifty acres of agricultural land and receives as rent a share of the crops or the animals raised on the land if that person is a natural person or a general partnership as organized under chapter 486, Code 1999, or chapter 486A in which all partners are natural persons.   c. An employee of the cooperative who performs at least one thousand hours of service for the cooperative in each calendar year.   4. “Board” means the cooperative’s board of directors.   5. “Cooperative” means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501.601.   6. “Farming” means the same as defined in section 9H.1.   7. “Farming entity” means any one of the following:   a. A natural person or a fiduciary for a natural person who regularly participates in physical labor or operations management in a farming operation and files schedule F as part of the person’s annual form 1040 or form 1041 filing with the United States internal revenue service.   b. A family farm corporation, family farm limited liability company, family farm limited partnership, or family trust, as defined in section 9H.1.   c. A general partnership as organized under chapter 486, Code 1999, or chapter 486A in which all the partners are natural persons actively engaged in farming as provided in section 9H.1.   8. “Interest” means a voting interest or other interest in a cooperative as described in the cooperative’s articles of association.   9. “Interest holder” means a person who owns an interest in a cooperative, whether or not that interest has voting rights.   10. “Member” means a person who owns a voting interest in a cooperative.   11. “Membership” means the interest established by a member owning a voting interest.   12. “Voting interest” means an interest in a cooperative that has voting rights.  96 Acts, ch 1010, §3; 98 Acts, ch 1152, §1 – 6, 69; 99 Acts, ch 96, §40, 41; 2011 Acts, ch 23, §7; 2011 Acts, ch 131, §68, 158
IA Code § 501.102 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.102 - Purposes and powers.

501.102 Purposes and powers.   1. A cooperative organized under this chapter has the purpose of engaging in any lawful business unless a more limited purpose is set forth in the articles.   2. Unless its articles provide otherwise, a cooperative has perpetual duration and succession in its cooperative name and has the same powers as an individual to do all things necessary or convenient to carry out its business and affairs, including, but not limited to, all of the following:   a. Sue and be sued, complain, and defend in its name.   b. Have a seal, which may be altered at will, and use it, or a facsimile of it, by impressing or affixing it or in any other manner reproducing it.   c. Make and amend bylaws, not inconsistent with its articles of association or with the laws of this state, for managing the business and regulating the affairs of the cooperative.   d. Purchase, receive, lease, or otherwise acquire, and own, hold, improve, use, and otherwise deal with, real or personal property, or any legal or equitable interest in property, wherever located.   e. Sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all or any part of its property.   f. Purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, sell, mortgage, lend, pledge, or otherwise dispose of, and deal in and with shares or other interests in, or obligations of, any other entity.   g. Make contracts and guarantees, incur liabilities, borrow money, issue its notes, bonds, and other obligations, which may be convertible into or include the option to purchase other interests of the cooperative, and secure any of its obligations by mortgage or pledge of any of its property, franchises, or income.   h. Lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment.   i. Be a promoter, partner, member, associate, or manager of any partnership, joint venture, trust, or other entity.   j. Conduct its business, locate offices, and exercise the powers granted by this chapter within or without this state.   k. Elect directors and appoint officers, employees, and agents of the cooperative, define their duties, fix their compensation, and lend them money and credit.   l. Pay pensions and establish pension plans, pension trusts, profit-sharing plans, bonus plans, and benefit or incentive plans for any or all of its current or former directors, officers, employees, and agents.   m. Make donations for the public welfare or for charitable, scientific, or educational purposes.   n. Transact any lawful business that will aid governmental policy.   o. Make payments or donations, or do any other act, not inconsistent with law, that furthers the business and affairs of the cooperative.  96 Acts, ch 1010, §4; 98 Acts, ch 1152, §7, 69
IA Code § 501.103 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.103 - Permissible members — limited farming activities.

501.103 Permissible members — limited farming activities.   1. Notwithstanding section 9H.4, any person or entity, subject to the limitations set forth in section 501.305, and subject to the cooperative’s articles and bylaws, is permitted to own interests, including voting interests, in a cooperative.   2. Notwithstanding section 9H.4, a cooperative may, directly or indirectly, acquire or otherwise obtain or lease agricultural land in this state, for as long as the cooperative continues to meet the following requirements:   a. Farming entities own sixty percent of the interests and are eligible to cast sixty percent of the votes at member meetings.   b. Authorized persons own at least seventy-five percent of the interests and are eligible to cast at least seventy-five percent of the votes at member meetings.   c. The cooperative does not, either directly or indirectly, acquire or otherwise obtain or lease agricultural land, if the total agricultural land either directly or indirectly owned or leased by the cooperative would then exceed six hundred forty acres.   3. A cooperative that claims that it is exempt from the restrictions of section 9H.4 pursuant to subsection 2 shall file a biennial report with the secretary of state on or before March 31 of each even-numbered year on forms supplied by the secretary of state. The report shall be signed by the president or the vice president of the cooperative and shall contain the following:   a. The cooperative’s name and address.   b. A certification that the cooperative meets both of the requirements of subsection 2.   c. The number of acres of agricultural land owned, leased, or held by the cooperative, including the following:   (1) The total number of acres in the state.   (2) The number of acres in each county identified by county name.   (3) The number of acres owned.   (4) The number of acres leased.   (5) The number of acres held other than by ownership or lease.   (6) The number of acres used for the production of row crops.   4. The president or the vice president of the cooperative who falsifies a report is guilty of perjury as provided in section 720.2.   5. In the event of a transfer of an interest in a cooperative by operation of law as a result of death, divorce, bankruptcy, or pursuant to a security interest, the cooperative may disregard the transfer for purposes of determining compliance with subsection 2 for a period of two years after the transfer.  96 Acts, ch 1010, §5; 97 Acts, ch 171, §34; 98 Acts, ch 1152, §8, 69; 2005 Acts, ch 19, §73  Referred to in §10.3, 10.5, 10.7, 10.10, 10B.4A, 502.102  Suspension of filing requirement, §10B.4A
IA Code § 501.104 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.104 - Name.

501.104 Name.   The name of a cooperative organized under this chapter must comply with all of the following:   1. The name must contain the word “cooperative”, “coop”, or “co-op”.   2. The name must be distinguishable from all of the following:   a. The name of a cooperative organized under this chapter.   b. The name of a cooperative or cooperative association organized under another chapter, including chapter 497, 498, 499, or 501A.   c. The name of a foreign cooperative, cooperative association, or corporation authorized to do business in this state, including as provided in section 499.54 or section 501A.221.   d. The name of a cooperative which has been administratively dissolved pursuant to section 501.812 for a period of less than five years from the effective date of the dissolution.  96 Acts, ch 1010, §6; 2006 Acts, ch 1089, §42  Referred to in §501.202, 501.813
IA Code § 501.105 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.105 - Execution and filing of documents.

501.105 Execution and filing of documents.   1. The secretary of state may prescribe and furnish on request forms for the proper administration of this chapter. If the secretary of state has prescribed a mandatory form for a document, then that form must be on the prescribed form.   2. Articles must be signed by all of the organizers; and all other documents filed with the secretary of state must be signed by one of the cooperative’s officers. The printed name and capacity of each signatory must appear in proximity to the signatory’s signature. The secretary of state may accept a document containing a copy of the signature. A document is not required to contain a seal, an acknowledgment, or a verification.   3. The secretary of state shall collect the following fees:   a. Twenty dollars upon the filing of original or amended articles or articles of merger.   b. Five dollars upon the filing of all other required documents.   c. Five dollars per document and fifty cents per page for copying and certifying a document.   4. A document is effective at the later of the following times:   a. The time of filing on the date it is filed, as evidenced by the secretary of state’s date and time endorsement on the original document.   b. The delayed effective time and date specified in the document. If a delayed effective date but no time is specified in the document, the document is effective at the close of business on that date. A delayed effective date for a document shall not be later than the ninetieth day after the date it is filed.   5. A document filed under this section may be corrected if the document contains an incorrect statement or the execution of the document was defective. A document is corrected by filing with the secretary of state articles of correction which describe the document to be corrected, including its filing date or a copy of the document. The articles must specify and correct the incorrect statement or defective execution. Articles of correction are effective on the effective date of the document it corrects except as to persons relying on the original document and adversely affected by the correction. As to those persons, articles of correction are effective when filed.   6. The secretary of state shall forward for recording a copy of each original, amended, and restated articles, articles of merger, articles of consolidation, and articles of dissolution to the recorder of the county in which the cooperative has its principal place of business, or in the case of a merger or consolidation, to the recorders of each of the counties in which the merging or consolidating cooperatives have their principal offices. The county recorder shall collect recording fees pursuant to section 331.604 for documents forwarded for recording under this subsection.  96 Acts, ch 1010, §7; 98 Acts, ch 1152, §9, 69; 2009 Acts, ch 27, §30  Referred to in §501.617, 501.713
IA Code § 501.108 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.108 - Quo warranto.

501.108 Quo warranto.   The attorney general alone shall have the right to inquire into whether a cooperative has the right to exist or continue under this chapter. If the secretary of state is informed that a cooperative is not functioning as a cooperative, the secretary of state shall notify the attorney general. If the attorney general finds reasonable cause that the cooperative is not functioning as provided under this chapter, the attorney general shall bring action to wind up the affairs of the cooperative.  96 Acts, ch 1010, §10
IA Code § 501.201 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.201 - Cooperative formation.

501.201 Cooperative formation.   Three or more individuals may organize a cooperative under this chapter by executing and delivering articles to the secretary of state.  96 Acts, ch 1010, §11
IA Code § 501.202 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.202 - Documents of organization.

501.202 Documents of organization.   1. The initial articles must set forth all of the following:   a. The name, address, and occupation of each organizer.   b. The names and addresses of the initial directors.   c. The street address of the cooperative’s initial registered office and the name of its initial registered agent at that office.   2. The articles must set forth all of the following:   a. The name that satisfies the requirements of section 501.104.   b. A statement that it is organized under this chapter.   c. Its duration, which may be perpetual.   d. The classes of interests and the authorized number of interests of each class.   e. The quorum required for each member meeting.   f. The member voting rules.   3. The articles may set forth any other provision consistent with law.  96 Acts, ch 1010, §12; 98 Acts, ch 1152, §12, 13, 69  Referred to in §501.203
IA Code § 501.203 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.203 - Amended and restated documents of organization.

501.203 Amended and restated documents of organization.   1. A cooperative may amend its articles at any time to add or change a provision that is required or permitted in the articles or to delete a provision not required in the articles.   2. A cooperative may restate its articles at any time. A restatement of the articles must contain the information required by section 501.202, subsection 2, and may set forth any other provision consistent with law.   3. If the board recommends the amendment or restatement to the members, the amendment or restatement must be adopted by the members by a vote of two-thirds of the votes cast.   4. If the board does not recommend the amendment or restatement to the members, then the amendment or restatement must be adopted by the members by a vote of two-thirds of the votes cast in which vote a majority of all votes are cast.  96 Acts, ch 1010, §13; 2011 Acts, ch 23, §8; 2012 Acts, ch 1023, §73
IA Code § 501.204 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.204 - Bylaws.

501.204 Bylaws.   The board may adopt or amend the cooperative’s bylaws by a vote of three-fourths of the board. The members may adopt or amend the cooperative’s bylaws by a vote of three-fourths of the votes cast in which vote a majority of all votes are cast. A bylaw provision adopted by the members shall not be amended or repealed by the directors.  96 Acts, ch 1010, §14; 2011 Acts, ch 23, §9; 2012 Acts, ch 1023, §74
IA Code § 501.301 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.301 - Liability of members.

501.301 Liability of members.   A member is not personally liable for the acts or debts of the cooperative.  96 Acts, ch 1010, §15
IA Code § 501.302 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.302 - Calling and notice of meetings.

501.302 Calling and notice of meetings.   1. A cooperative shall hold an annual member meeting at a time and place fixed in accordance with the bylaws.   2. The board may call special member meetings, and the board shall call a special member meeting upon the written demand of twenty percent of the members.   3. A cooperative shall give each member at least ten days’ advance notice of the time, place, and the issues to be considered at each member meeting. This notice may be given in person or by mail to the last known address of the member, or the notice requirement may be met by the member waiving the notice.   4. The record date for determining the members entitled to notice of and to vote at a member meeting is the close of business on the day before the first notices for the meeting are delivered or mailed.  96 Acts, ch 1010, §16  Referred to in §501.802
IA Code § 501.303 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.303 - Conduct of meetings.

501.303 Conduct of meetings.   1. Only those issues included in the notice of a member meeting may be considered at that meeting.   2. A member may vote at a member meeting in person or by mail ballot that specifies the issue and the member’s vote on that issue. If the board makes available a ballot form, then that form must be used to cast a mail ballot on that issue. If the cooperative’s articles or bylaws permit it, a member may cast a vote by an alternative voting method. The cooperative shall take reasonable measures to authenticate that a vote is cast by a member eligible to cast that vote.  96 Acts, ch 1010, §17; 2011 Acts, ch 23, §10
IA Code § 501.304 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.304 - Member information.

501.304 Member information.   1. Within ten days from receiving a demand of a member, the cooperative shall produce and furnish the member with the names and addresses of all members of the cooperative.   2. The board shall adopt a policy which permits the distribution of information to all of the members upon the request of a member when the purpose of the request concerns directly the action of the board. Upon receipt of the information and the request of a member, the board shall distribute the information to all of the members. The cooperative may charge the requesting member the costs incurred by the cooperative in distributing the information.  96 Acts, ch 1010, §18  Referred to in §501.702
IA Code § 501.305 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.305 - Multiple membership prohibited.

501.305 Multiple membership prohibited.   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.  96 Acts, ch 1010, §19  Referred to in §501.103
IA Code § 501.306 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.306 - Number of votes.

501.306 Number of votes.   A person who is a member shall not own more than one membership. The person shall be entitled to cast not more than one vote regarding any matter in which a vote is conducted, including any matter subject to a vote during a cooperative meeting.  96 Acts, ch 1010, §20; 98 Acts, ch 1152, §14, 69
IA Code § 501.307 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.307 - Financial information.

501.307 Financial information.   The cooperative shall make available financial information to its membership by doing either of the following:   1. Preparing and providing to its members a financial statement for the cooperative’s last fiscal year.   a. The financial statement must be based upon an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state. However, a qualification in an opinion is valid, if it is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited is invalid for purposes of this section.   b. The financial statement must disclose the assets, liabilities, and net worth of the cooperative. The financial statement must be prepared according to generally accepted accounting principles. Assets must be shown at original cost less depreciation, or based upon a valuation in accordance with a competent appraisal. Unpriced contracts for agricultural commodities or products must be shown as a liability and valued at the applicable current market price of the agricultural commodities or products as of the date the financial statement is prepared.   2. Honoring a demand to provide access at all reasonable hours at its offices to the books, records, accounts, papers, documents, and computer programs or other recordings relating to the property, assets, business, and financial affairs of the cooperative. The demand shall be in writing and signed by at least fifty percent of all the members of the cooperative. The cooperative shall honor the demand within one day from its receipt. Upon receipt of the demand, the cooperative must provide access to one or more persons selected by the fifty percent of the members to conduct the examination.  96 Acts, ch 1010, §21
IA Code § 501.401 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.401 - Number and election.

501.401 Number and election.   1. The affairs of a cooperative shall be managed by a board of not less than three directors.   2. The members shall elect the directors as prescribed in the articles or bylaws.   3. Each director shall serve the term prescribed in the articles or bylaws. The terms may be staggered.  96 Acts, ch 1010, §22
IA Code § 501.402 (2021)
2021 Iowa Code|Title XII - BUSINESS ENTITIES|Chapter 501 - CLOSED COOPERATIVES|Section 501.402 - Vacancies.

501.402 Vacancies.   1. A director may resign at any time by delivering written notice to the board chairperson or the board secretary. A resignation is effective when the notice is delivered unless the notice specifies a later effective date.   2. The members may remove one or more directors with or without cause unless the articles provide that directors may be removed only for cause.   3. The articles may authorize the board to remove a director for a cause specified in the articles.   4. Unless the articles or bylaws provide otherwise, the board shall fill each vacancy until the members elect a director to fill the vacancy at the next scheduled meeting of the members. If the directors remaining in office constitute fewer than a quorum of the board, they may fill the vacancy by the affirmative vote of a majority of all the directors remaining in office.  96 Acts, ch 1010, §23