499.43B Existing cooperatives organized under chapter 490 or 491 — option.
A cooperative association organized under chapter 490 or 491 may elect to be governed by and to comply with the provisions of this chapter. The election shall be governed by the following procedures:
1. The board of directors and shareholders must adopt a resolution reciting that the cooperative association elects to be governed by and to comply with this chapter. The cooperative association, to the extent necessary, shall change its name to comply with the provisions of this chapter. The resolution shall be adopted according to the same procedures as provided in section 499.41. Upon the adoption of the resolution, the cooperative association shall execute an instrument on forms prescribed by the secretary of state. The instrument must be signed by the president and secretary and verified by one of the officers signing the instrument. The instrument shall include all of the following:
a. The name of the cooperative association, before and after this election.
b. A description of each resolution adopted by the cooperative association pursuant to this section, including the date each resolution was adopted.
2. The instrument shall be filed with the secretary of state. The cooperative association shall amend its articles of incorporation pursuant to section 499.41 to comply with the provisions of this chapter. The secretary of state shall not file the instrument unless the cooperative association is in compliance with the provisions of the chapter in which it was organized at the time of filing. A cooperative association shall file a biennial report which is due pursuant to section 499.49. Upon filing the instrument with the secretary, all of the following shall apply:
a. The cooperative association shall be deemed to be organized under this chapter and the provisions of this chapter shall apply to the cooperative association.
b. The secretary of state shall issue a certificate to the cooperative association acknowledging that it is deemed to be organized under this chapter.
3. The application of this chapter to the cooperative association does not affect a right accrued or established, or liability or penalty incurred pursuant to the chapter in which the cooperative association was formally organized, prior to the filing of the instrument with the secretary of state.
2003 Acts, ch 59, §1
Referred to in §9.11
Structure Iowa Code
Chapter 499 - COOPERATIVE ASSOCIATIONS
Section 499.3 - Dealing with nonmembers.
Section 499.4 - Use of term “cooperative” restricted.
Section 499.5 - Permissible organizers.
Section 499.5A - Water utilities — members of federated associations.
Section 499.8 - Contracts authorized.
Section 499.9 - Penalties — performance — injunction — arbitration.
Section 499.10 - Cooperative agreements.
Section 499.11 - Legality declared.
Section 499.12 - Exemption of private property.
Section 499.13 - Membership — eligibility.
Section 499.14 - Membership in nonstock associations.
Section 499.14A - Electric cooperative association memberships.
Section 499.15 - Certificates of membership or stock.
Section 499.16 - Subscriptions — stock or membership.
Section 499.17 - Transfer of stock or membership.
Section 499.18 - Expulsion of members.
Section 499.19 - Cancellation of membership or stock.
Section 499.20 - Withdrawal of members.
Section 499.21 - Obligations not affected.
Section 499.22 - Capital stock.
Section 499.23 - Dividends on common stock.
Section 499.24 - Preferred stock.
Section 499.25 - Issuing preferred stock in purchases.
Section 499.26 - Service charges.
Section 499.27A - Remote participation in meetings of members.
Section 499.28 - Number of votes.
Section 499.29 - Manner of voting.
Section 499.30 - Distribution of earnings.
Section 499.30A - Reversion of disbursements.
Section 499.31 - Control of allocation by members.
Section 499.32 - Patronage dividends of subscribers.
Section 499.33 - Use of revolving fund.
Section 499.34 - Patronage dividend certificates.
Section 499.35 - Time of payment.
Section 499.36A - Standards of conduct for directors.
Section 499.37A - Standards of conduct for officers.
Section 499.38 - Removal of officers and directors.
Section 499.41A - Greater voting or quorum requirements.
Section 499.43 - Existing corporations — option.
Section 499.43A - Existing cooperatives organized under chapter 497 or 498 — conversion option.
Section 499.43B - Existing cooperatives organized under chapter 490 or 491 — option.
Section 499.44 - Execution and filing of documents.
Section 499.44A - Secretary of state — extra services — surcharge.
Section 499.47B - Sale or other disposition of assets other than in regular course of business.
Section 499.47C - Sale or other disposition of assets in exchange for common stock.
Section 499.47D - Consideration of acquisition proposals — community interests.
Section 499.48 - Distribution in liquidation.
Section 499.49 - Biennial report.
Section 499.50 - Notice of delinquent reports.
Section 499.53 - Quo warranto.
Section 499.54 - Foreign associations.
Section 499.55 - Individual exemptions applicable.
Section 499.56 - Conflicting laws.
Section 499.57 - State powers.
Section 499.59 - Personal liability.
Section 499.59A - Indemnification.
Section 499.60 - Chapters inapplicable.
Section 499.63 - Consolidation.
Section 499.64 - Vote of members.
Section 499.65 - Objection of members — purchase of shares upon demand.
Section 499.66 - Value determined.
Section 499.67 - Articles of merger or consolidation.
Section 499.68 - When effective — effect.
Section 499.69 - Foreign and domestic mergers or consolidations.
Section 499.69A - Qualified mergers.
Section 499.70 - Abandonment before filing.
Section 499.71 - Other laws applicable.
Section 499.72 - Registered office and registered agent.
Section 499.73 - Change of registered office or registered agent.
Section 499.73A - Change of principal office.
Section 499.74 - Resignation of registered agent.
Section 499.75 - Service on association.
Section 499.76 - Grounds for administrative dissolution.
Section 499.77 - Procedure for and effect of administrative dissolution.
Section 499.78 - Reinstatement following administrative dissolution.
Section 499.78A - Appeal from denial of reinstatement.
Section 499.79 - Statement to estate of members and stockholders.