501.701 Records.
1. A cooperative shall keep as permanent records minutes of all meetings of its members and board of directors, a record of all actions taken by the members or board of directors without a meeting, and a record of all actions taken by a committee of the board of directors in place of the board of directors on behalf of the cooperative.
2. A cooperative shall maintain appropriate accounting records.
3. A cooperative or its agent shall maintain a record of its interest holders in a form that permits preparation of a list of the names and addresses of all interest holders in alphabetical order by class of interests showing the number and class of interests held by each.
4. A cooperative shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time.
5. A cooperative shall keep a copy of the following records:
a. Its articles or restated articles of association and all amendments to them currently in effect.
b. Its bylaws or restated bylaws and all amendments to them currently in effect.
c. Resolutions adopted by its board of directors creating one or more classes or series of interests, and fixing their relative rights, preferences, and limitations, if the interests issued pursuant to those resolutions are outstanding.
d. The minutes of all members’ meetings, and records of all action taken by members without a meeting, for the past three years.
e. All written communications to interest holders generally within the past three years, including the financial statements furnished for the past three years under section 501.711.
f. A list of the names and business addresses of its current directors and officers.
g. Its most recent biennial report delivered to the secretary of state under section 501.713.
98 Acts, ch 1152, §44, 69; 99 Acts, ch 96, §42; 2000 Acts, ch 1022, §13
Referred to in §501.702
Structure Iowa Code
Chapter 501 - CLOSED COOPERATIVES
Section 501.101 - Definitions.
Section 501.102 - Purposes and powers.
Section 501.103 - Permissible members — limited farming activities.
Section 501.105 - Execution and filing of documents.
Section 501.105A - Secretary of state — extra services — surcharge.
Section 501.106 - Registered office and registered agent.
Section 501.108 - Quo warranto.
Section 501.201 - Cooperative formation.
Section 501.202 - Documents of organization.
Section 501.203 - Amended and restated documents of organization.
Section 501.301 - Liability of members.
Section 501.302 - Calling and notice of meetings.
Section 501.303 - Conduct of meetings.
Section 501.303A - Remote participation in meetings of members.
Section 501.304 - Member information.
Section 501.305 - Multiple membership prohibited.
Section 501.306 - Number of votes.
Section 501.307 - Financial information.
Section 501.401 - Number and election.
Section 501.403 - Board action.
Section 501.404 - Director conflict of interest.
Section 501.406 - Standards of conduct.
Section 501.407 - Personal liability — indemnification.
Section 501.411 - Definitions.
Section 501.412 - Permissible indemnification.
Section 501.413 - Mandatory indemnification.
Section 501.414 - Advance for expenses.
Section 501.415 - Court-ordered indemnification.
Section 501.416 - Determination and authorization of indemnification.
Section 501.417 - Indemnification of officers.
Section 501.419 - Variation by corporate action — application of this part.
Section 501.420 - Exclusivity.
Section 501.501 - Issuance and transfer of interests.
Section 501.502 - Termination of membership.
Section 501.503 - Distribution of net savings.
Section 501.601 - Existing associations.
Section 501.603 - Sale of assets.
Section 501.611 - Definitions.
Section 501.613 - Consolidation.
Section 501.614 - Vote of members.
Section 501.615 - Objection of members — purchase of interests upon demand.
Section 501.616 - Value determined.
Section 501.617 - Articles of merger or consolidation.
Section 501.618 - Effective date — effect.
Section 501.619 - Abandonment before filing.
Section 501.702 - Inspection of records by interest holders.
Section 501.703 - Scope of inspection right.
Section 501.704 - Court-ordered inspection.
Section 501.711 - Financial statements for interest holders.
Section 501.712 - Other reports to interest holders.
Section 501.713 - Biennial report for secretary of state.
Section 501.801 - Dissolution by organizers or initial directors.
Section 501.802 - Dissolution by board of directors and members.
Section 501.803 - Articles of dissolution.
Section 501.804 - Revocation of dissolution.
Section 501.805 - Effect of dissolution.
Section 501.806 - Distribution of assets.
Section 501.807 - Known claims against dissolved cooperative.
Section 501.808 - Unknown claims against dissolved cooperative.
Section 501.811 - Grounds for administrative dissolution.
Section 501.812 - Procedure for and effect of administrative dissolution.
Section 501.813 - Reinstatement following administrative dissolution.
Section 501.814 - Appeal from denial of reinstatement.
Section 501.821 - Grounds for judicial dissolution.
Section 501.822 - Procedure for judicial dissolution.
Section 501.823 - Receivership or custodianship.