Section 497.33 – Personal liability.
497.33 Personal liability. Except as otherwise provided in this chapter, a director, officer, employee, or member of the corporation is not liable on the corporation’s debts or obligations and a director, officer, member, or other volunteer is not personally liable in that capacity, for a claim based upon any action taken, or any failure to […]
Section 497.18 – Educational fund — dividends.
497.18 Educational fund — dividends. The board may each year, out of remaining net profits, subject to the approval of the association at any general or special meeting: 1. Provide an educational fund to be used in teaching cooperation, not exceeding five percent of the net profits. 2. Declare and pay a dividend on the […]
Section 497.34 – Indemnification.
497.34 Indemnification. A cooperative association operating under this chapter may indemnify any present or former director, officer, employee, member, or volunteer in the manner and in the instances authorized in sections 490.850 through 490.859, provided that where sections 490.850 through 490.859 provide for action by shareholders the sections are applicable to action by voting members […]
Section 497.19 – Additional dividends.
497.19 Additional dividends. The remainder of said net profits shall be distributed by uniform dividends upon the amount of purchases of shareholders, and upon the wages and salaries of employees. In producing associations, such as creameries, canneries, elevators, factories, and the like, dividends shall be on raw material delivered instead of on goods purchased. In […]
Section 497.35 – Statement to estate of stockholder.
497.35 Statement to estate of stockholder. 1. The board of directors, upon receiving actual notice of a stockholder’s death, shall provide a statement to the administrator or executor of the stockholder’s estate, or to the attorney representing the stockholder’s estate. The statement shall describe agricultural products owned by the stockholder which are in the possession […]
Section 497.20 – When dividends distributed.
497.20 When dividends distributed. The profits or net earnings of such associations shall be distributed to those entitled thereto, at such times as the bylaws shall prescribe, which shall be as often as once in twelve months. [SS15, §1641-r14; C24, 27, 31, 35, 39, §8478; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, […]
Section 497.21 – Dissolution.
497.21 Dissolution. If such association, for five consecutive years, shall fail to declare a dividend upon the shares of its paid-up capital, five or more stockholders, by petition, setting forth such fact, may apply to the district court of the county wherein is situated its principal place of business in this state, for its dissolution. […]
Section 497.22 – Biennial report — penalty.
497.22 Biennial report — penalty. 1. Section 504.1613 applies to a cooperative association organized under this chapter in the same manner as that section applies to a corporation organized under chapter 504. In addition to the information required to be set forth in the biennial report under section 504.1613, the cooperative association shall also set […]
Section 497.23 – Exemption from report.
497.23 Exemption from report. Any corporation organized under the provisions of this chapter after the first day of January shall be exempt from the provisions of section 497.22 for the year in which incorporated, after which it shall, however, be subject to all of the provisions of said section. [C27, 31, 35, §8480-a1; C39, §8480.1; […]
Section 497.24 – List of delinquents.
497.24 List of delinquents. In the month of April of each year the secretary of state shall prepare a list of all delinquent corporations and file the same in the secretary of state’s office. [C27, 31, 35, §8480-a2; C39, §8480.2; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §497.24]