501.712 Other reports to interest holders.
114 words·~1 min read·
/ia/chapter-501-closed-cooperatives/501-712A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. If a cooperative indemnifies or advances expenses to a director under sections 501.412 through 501.415 in connection with a proceeding by or in the right of the cooperative, the cooperative shall report the indemnification or advance in writing to the members with or before the notice of the next members’ meeting.
2. If a cooperative issues or authorizes the issuance of interests for promissory notes or for promises to render services in the future, the cooperative shall report in writing to the members the number of interests authorized or issued, and the consideration received by the cooperative, with or before the notice of the next members’ meeting.
98 Acts, ch 1152, §49, 69