Iowa Code § 501.805
Effect of dissolution
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
1. A dissolved cooperative continues its existence but shall not carry on any business except that appropriate to wind up and liquidate its business and affairs, including any of the following:
1. A dissolved cooperative continues its existence but shall not carry on any business except that appropriate to wind up and liquidate its business and affairs, including any of the following:
a. Collecting its assets.
a. Collecting its assets.
b. Disposing of its properties that will not be distributed in kind in accordance with this chapter and the cooperative’s articles of association.
b. Disposing of its properties that will not be distributed in kind in accordance with this chapter and the cooperative’s articles of association.
c. Discharging or making provision for discharging its liabilities.
c. Discharging or making provision for discharging its liabilities.
d. Distributing its remaining property in accordance with this chapter and the cooperative’s articles of association.
d. Distributing its remaining property in accordance with this chapter and the cooperative’s articles of association.
e. Doing every other act necessary to wind up and liquidate its business and affairs.
e. Doing every other act necessary to wind up and liquidate its business and affairs.
2. Dissolution of a cooperative does not do any of the following:
2. Dissolution of a cooperative does not do any of the following:
a. Transfer title to the cooperative’s property.
a. Transfer title to the cooperative’s property.
b. Prevent transfer of its interests, although the authorization to dissolve may provide for closing the cooperative’s interest transfer records.
b. Prevent transfer of its interests, although the authorization to dissolve may provide for closing the cooperative’s interest transfer records.
c. Subject its directors or officers to standards of conduct different from those prescribed in section 501.406.
c. Subject its directors or officers to standards of conduct different from those prescribed in section 501.406.
d. Change quorum or voting requirements for its board of directors or members; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws.
d. Change quorum or voting requirements for its board of directors or members; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws.
e. Prevent commencement of a proceeding by or against the cooperative in its name.
e. Prevent commencement of a proceeding by or against the cooperative in its name.
f. Abate or suspend a proceeding pending by or against the cooperative on the effective date of dissolution.
f. Abate or suspend a proceeding pending by or against the cooperative on the effective date of dissolution.
g. Terminate the authority of the registered agent of the cooperative.
g. Terminate the authority of the registered agent of the cooperative.
98 Acts, ch 1152, §55, 69
98 Acts, ch 1152, §55, 69
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.