499A.11 Ownership — certificate of membership.
The cooperative has the right to purchase real estate for the purpose of erecting, owning, and operating apartment houses or apartment buildings. The interest of each individual member in the cooperative shall be evidenced by the issuance of a certificate of membership. The certificate of membership is coupled with a possessory interest in the real and personal property of the cooperative, entitling each member to a proprietary lease with the cooperative under which each member has an exclusive possessory interest in an apartment unit and a possessory interest in common with all other members in that portion of the cooperative’s real and personal property not constituting apartment units, and which creates a legal relationship of landlord and tenant between the cooperative and member. The certificate of membership shall be executed by the president of the cooperative and attested by its secretary in the name and in the behalf of the cooperative.
[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.11]
91 Acts, ch 30, §5
Structure Iowa Code
Chapter 499A - MULTIPLE HOUSING
Section 499A.2 - Powers — duration.
Section 499A.3A - Meetings of members.
Section 499A.3B - Notice of members meetings.
Section 499A.7 - Reorganizing prior to expiration of term.
Section 499A.8 - Reorganizing after expiration of term.
Section 499A.9 - Amendments of articles.
Section 499A.10 - Record — effect.
Section 499A.11 - Ownership — certificate of membership.
Section 499A.18A - Upkeep of the cooperative.
Section 499A.19 - Election of directors.
Section 499A.22 - Lien for assessments.
Section 499A.23 - Effect of documents and instruments.
Section 499A.25 - Title of Act.
Section 499A.101 - Definitions.
Section 499A.102 - Local housing authority.
Section 499A.103 - Low-income participants.
Section 499A.104 - Sweat equity housing cooperative association.
Section 499A.105 - Association financing.
Section 499A.106 - Reimbursement of sweat equity contribution.