Section 498.1 – Nature.

498.1 Nature. Associations organized under the provisions of this chapter are declared to be not for pecuniary profit. [C27, 31, 35, §8485-b1; C39, §8485.1; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.1]

Section 498.10 – Admission of members.

498.10 Admission of members. Under the terms and conditions prescribed in its bylaws, an association may admit as members persons engaged in the production of the products, or in the use or consumption of the supplies, to be handled by or through the association, including the lessors and landlords of lands used for the production […]

Section 498.11 – Membership certificates.

498.11 Membership certificates. Membership certificates in due form shall be issued to all charter members and to such others as shall subsequently be admitted by the association in accordance with its articles and bylaws. [C24, 27, 31, 35, 39, §8495; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.11]

Section 498.12 – Certificates nontransferable — surrender.

498.12 Certificates nontransferable — surrender. No such certificate shall be transferable by the member to any other person, but shall be surrendered to the association in case of the member’s voluntary withdrawal. [C24, 27, 31, 35, 39, §8496; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.12] Referred to in §498.14

Section 498.13 – Automatic cancellation — revocation.

498.13 Automatic cancellation — revocation. It shall become void upon the member’s death, or may be revoked by the directors upon proof duly made that the member has ceased to be a producer of products handled by or through the association, in the case of producing or selling associations or has ceased to be the […]

Section 498.14 – Conditions printed on certificates.

498.14 Conditions printed on certificates. The conditions of membership specified in sections 498.12 and 498.13 shall be printed upon the face of every membership certificate. [C24, 27, 31, 35, 39, §8498; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.14]

Section 498.15 – Combinations of local associations.

498.15 Combinations of local associations. Likewise, associations may be formed under this chapter whose membership shall consist of other associations formed under the provisions of this chapter, the purpose being to federate local associations into central cooperative associations for the more economical and efficient performance of their marketing or other operations. [C24, 27, 31, 35, […]

Section 498.16 – Powers of central associations.

498.16 Powers of central associations. Such central associations may enter into contracts, agreements and arrangements with their member associations. Each member association in such federated associations shall have an official representative chosen by its own board of directors, who shall cast one vote and no more at all business meetings of the federated association. [C24, […]

Section 498.17 – Voting power.

498.17 Voting power. Each member of an association shall be entitled to one vote and no more upon all questions affecting the control and management of the affairs of the association and in the selection of its board of directors. [C24, 27, 31, 35, 39, §8501; C46, 50, 54, 58, 62, 66, 71, 73, 75, […]

Section 498.18 – Proxies — voting by mail.

498.18 Proxies — voting by mail. No vote by proxy shall be permitted, but a written vote received by mail from any absent member, and signed by that member, may be read and counted at any regular or special meeting of the association, provided that the secretary shall notify all members in writing of the […]

Section 498.19 – Power to compel sales and purchases — liquidated damages.

498.19 Power to compel sales and purchases — liquidated damages. 1. The association may require members to sell all or a stipulated part of their specifically enumerated products exclusively through the association or to buy specifically enumerated supplies exclusively through the association, but in such case, a reasonable period during each year shall be specified […]

Section 498.2 – Purposes of cooperative — limitation.

498.2 Purposes of cooperative — limitation. Any number of persons, not less than five, may associate themselves as a cooperative association, without capital stock, for the purpose of conducting any agricultural, livestock, horticultural, dairy, ethanol production, mercantile, mining, manufacturing, or mechanical business, or the constructing and operating of telephone and high tension electric transmission lines […]

Section 498.20 – Financial power.

498.20 Financial power. Every association may borrow money necessary for the conduct of its business, and may issue notes, bonds, or debentures therefor, and may give security in the form of mortgage or otherwise for the repayment thereof. [C24, 27, 31, 35, 39, §8504; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, […]

Section 498.21 – Personal liability.

498.21 Personal liability. Members of such association may limit their personal liability to the amount of their membership fee as provided in their articles of incorporation. [C24, 27, 31, 35, 39, §8505; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.21]

Section 498.22 – Cost of service — dues.

498.22 Cost of service — dues. Associations formed under this chapter shall perform services on a basis of the lowest practicable cost, and may provide for meeting the cost thereof through dues, assessments, or service charges, which shall be prescribed in the bylaws. Such charges shall be set high enough to provide a margin of […]

Section 498.23 – Reserve and educational funds — patronage dividends.

498.23 Reserve and educational funds — patronage dividends. Out of any surplus remaining in any given year, the directors shall each year set aside not less than ten percent of such savings for the accumulation of a reserve fund until such reserve shall equal at least forty percent of the invested capital of the association, […]

Section 498.24 – Biennial report — penalty.

498.24 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 498.25 – Exemption from report.

498.25 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 498.24 for the year in which incorporated, after which it shall, however, be subject to all of the provisions of said section. [C27, 31, 35, §8508-a1; C39, §8508.1; […]

Section 498.26 – List of delinquents.

498.26 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, §8508-a2; C39, §8508.2; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.26]

Section 498.27 – Notice to delinquents.

498.27 Notice to delinquents. On or before the first day of May of the year the report is due the secretary of state shall mail to each delinquent association a notice of such delinquency and of the penalties provided in section 498.24. [C27, 31, 35, §8508-a3; C39, §8508.3; C46, 50, 54, 58, 62, 66, 71, […]