498.33 Use of funds — promotion expenses.
None of the funds of any association shall be used for purposes of any promotion as commissions, salaries, or expenses of any kind, character, or nature whatsoever, except that in the case of associations operating in more than one county, if the par value of securities to be sold is in excess of one hundred thousand dollars, a sum not to exceed five percent of the par value of bonds or debentures sold may be used by committees elected by the members for selling or soliciting for the sale of such securities or for hiring responsible salaried solicitors for that purpose.
[C24, 27, 31, 35, 39, §8511; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §498.33]
Structure Iowa Code
Chapter 498 - NONPROFIT COOPERATIVE ASSOCIATIONS
Section 498.2 - Purposes of cooperative — limitation.
Section 498.3 - Terms defined — products of nonmembers.
Section 498.4 - Articles — personal liability.
Section 498.5 - Filing — certificate of incorporation.
Section 498.8 - Board of directors — removals.
Section 498.10 - Admission of members.
Section 498.11 - Membership certificates.
Section 498.12 - Certificates nontransferable — surrender.
Section 498.13 - Automatic cancellation — revocation.
Section 498.14 - Conditions printed on certificates.
Section 498.15 - Combinations of local associations.
Section 498.16 - Powers of central associations.
Section 498.17 - Voting power.
Section 498.18 - Proxies — voting by mail.
Section 498.19 - Power to compel sales and purchases — liquidated damages.
Section 498.20 - Financial power.
Section 498.21 - Personal liability.
Section 498.22 - Cost of service — dues.
Section 498.23 - Reserve and educational funds — patronage dividends.
Section 498.24 - Biennial report — penalty.
Section 498.25 - Exemption from report.
Section 498.26 - List of delinquents.
Section 498.27 - Notice to delinquents.
Section 498.28 - Cancellation.
Section 498.29 - Effect of cancellation.
Section 498.30 - Reinstatement of corporation.
Section 498.31 - Chapter extended to former associations.
Section 498.32 - Use of term “cooperative” — injunction.
Section 498.33 - Use of funds — promotion expenses.
Section 498.34 - Duration of incorporation — renewal.
Section 498.35 - Personal liability.