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Marginalia
Code · Iowa · Chapter 501 — Closed Cooperatives

501.305 Multiple membership prohibited.

80 words·~1 min read·/ia/chapter-501-closed-cooperatives/501-305

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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.
Referred to in §501.103
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