Section 497.29 – Chapter extended to former companies.
497.29 Chapter extended to former companies. All cooperative corporations, companies, or associations heretofore organized and doing business under prior statutes, or which have attempted to so organize and do business, shall have the benefit of all the provisions of this chapter and be bound thereby, on filing with the secretary of state, amended and substituted […]
Section 497.30 – Use of term “cooperative” restricted.
497.30 Use of term “cooperative” restricted. No corporation or association organized after July 4, 1915, shall be entitled to use the term “cooperative” as part of its corporate or other business name or title, unless it has complied with the provisions of this chapter, and any corporation or association violating the provisions of this section […]
Section 497.31 – Use of funds.
497.31 Use of funds. None of the funds of any association organized under the provisions of this chapter shall be used in the payment of any promotion; as commissions, salaries or expenses of any kind, character, or nature whatsoever. [SS15, §1641-r18; C24, 27, 31, 35, 39, §8483; C46, 50, 54, 58, 62, 66, 71, 73, […]
Section 497.32 – Private property exempt.
497.32 Private property exempt. The private property of the stockholders shall be exempt from execution for the debts of the corporation. [SS15, §1641-r19; C24, 27, 31, 35, 39, §8484; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §497.32]
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, […]