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2020 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 499 - COOPERATIVE ASSOCIATIONS
Section 499.19 - Cancellation of membership or stock.
Universal Citation: IA Code § 499.19 (2020)
499.19 Cancellation of membership or stock.
If a common stockholder or member dies, or becomes ineligible, or is expelled, that person’s stock or membership shall forthwith be canceled. In cases of expulsion the association shall pay the stockholder or member its value as shown by the books on the date of cancellation, but not more than its original issuing price, within sixty days thereafter. In cases of death or ineligibility, it shall pay such value to the stockholder or member or the stockholder’s or member’s personal representative within two years thereafter, without interest.
[C35, §8512-g19; C39, §8512.19; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499.19]
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