499A.8 Reorganizing after expiration of term.
67 words·~1 min read·
/ia/chapter-499a-multiple-housing/499a-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the term of a cooperative organized under this chapter has expired, but the organization has continued to act as such cooperative, the directors or members thereof may reorganize, and the property and rights therein shall vest in the reorganized cooperative for the use and benefit of all of the members in the original cooperative.
[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.8]