2011 Iowa Code
TITLE XII BUSINESS ENTITIES
SUBTITLE 3 ASSOCIATIONS
CHAPTER 501 CLOSED COOPERATIVES
501.203 Amended and restated documents of organization.
501.203 Amended and restated documents of organization.
1. A cooperative may amend its articles at any time to add or change a provision that is required or permitted in the articles or to delete a provision not required in the articles.
2. A cooperative may restate its articles at any time. A restatement of the articles must contain the information required by section 501.202, subsection 2, and may set forth any other provision consistent with law.
3. If the board recommends the amendment or restatement to the members, the amendment or restatement must be adopted by the members by a vote of two-thirds of the votes cast.
4. If the board does not recommend the amendment or restatement to the members, then the amendment or restatement must be adopted by the members by a vote of two-thirds of the votes cast on a ballot in which a majority of all votes are cast.
96 Acts, ch 1010, §13
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