2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.629 - REVERSION OF DISBURSEMENTS TO COOPERATIVE ASSOCIATIONS.

        490.629  REVERSION OF DISBURSEMENTS TO COOPERATIVE
      ASSOCIATIONS.
         1.  As used in this section, "disbursement" means an amount of
      any distribution or any other increment or sum realized or accruing
      from stock or other equity interest in a cooperative association
      organized under this chapter.
         2.  Once a person's stock or other equity interest in a
      cooperative association organized under this chapter is deemed
      abandoned under section 556.5, any disbursement held by the
      cooperative association for or owing to the person shall be subject
      to the same requirements as provided in section 499.30A that apply to
      a cooperative association organized under chapter 499, including all
      of the following:
         a.  The retention of the disbursement in a reversion fund
      established by the cooperative association or the delivery of the
      disbursement to the treasurer of state.
         b.  The payment of the disbursement to a person filing a claim
      with the cooperative association who asserts an interest in the
      disbursement.
         c.  The forfeiture of the disbursement to the cooperative
      association, and the use of the forfeited disbursement by the
      cooperative association in order to teach and promote cooperation or
      provide for economic development, including creating economic
      opportunities for its shareholders.  

         2001 Acts, ch 142, §2
         Referred to in § 556.5