501.822 Procedure for judicial dissolution.
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/ia/chapter-501-closed-cooperatives/501-822·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Venue for a proceeding by the attorney general to dissolve a cooperative lies in Polk county district court. Venue for a proceeding brought by any other party named in section 501.821 lies in the county where a cooperative’s principal office or, if not in this state, its registered office is or was last located.
2. It is not necessary to make interest holders parties to a proceeding to dissolve a cooperative unless relief is sought against them individually.
3. A court in a proceeding brought to dissolve a cooperative may issue injunctions, appoint a receiver or custodian pendente lite with all powers and duties the court directs, take other action required to preserve the cooperative’s assets wherever located, and carry on the business of the cooperative until a full hearing can be held.
98 Acts, ch 1152, §64, 69