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2018 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 501 - CLOSED COOPERATIVES
Section 501.305 - Multiple membership prohibited.
Universal Citation: IA Code § 501.305 (2018)
501.305
Multiple membership prohibited.
A person who is a member owning fifteen percent or more of a cooperative shall not be eligible to be a member of any other cooperative organized under this chapter. A person violating this section is subject to a civil penalty of not more than one hundred dollars. The person’s membership in a cooperative shall terminate if the person’s acquisition of an interest in that cooperative caused the person to be in violation of this section.
96 Acts, ch 1010, §19
Referred to in §501.103
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