Title XII, BUSINESS ENTITIES (Ch. 486 - 504C)

The local housing authority shall recruit low-income persons to participate as sweat equity partners in a housing cooperative association organized by the local housing authority. 90 Acts, ch 1120, §3

1. The local housing authority may form one or more sweat equity housing cooperative associations under this chapter . A sweat equity housing cooperative association shall operate as a multiple housing cooperative association under subchapter I , except as specifically provided o…

1. Organizational and construction phase. Upon incorporation, and after adoption of a rehabilitation plan pursuant to section 499A.104 , the association may apply to the Iowa finance authority or other sources for financial assistance. The Iowa finance authority shall review the …

The association shall establish criteria for the reimbursement of a partner terminating membership in the association, in accordance with the partner’s sweat equity contribution. 90 Acts, ch 1120, §6

The cooperative has the right to purchase real estate for the purpose of erecting, owning, and operating apartment houses or apartment buildings. The interest of each individual member in the cooperative shall be evidenced by the issuance of a certificate of membership. The certi…

The real estate shall be taxed in the name of the cooperative, and each member of the cooperative shall pay that member’s proportionate share of the tax in accordance with the proration formula set forth in the bylaws, and each member occupying an apartment as a residence shall r…

Each individual apartment constitutes a homestead and is exempt from execution, provided the member otherwise qualifies within the laws of the state of Iowa for such exemption. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.18 ] 91 Acts, ch 30, §13

It is the duty of the cooperative to maintain generally all portions of the cooperative’s real property other than the apartment units. The maintenance, repair, and replacement costs of the cooperative’s real property shall be contributed to by each of the members in accordance w…

1. The directors shall be elected by the members of the cooperative. The election of officers shall be made by the board of directors. The annual election of the directors shall be held during the month of January of each year, and they shall serve until their successors are elec…

Upon filing such articles the persons signing and acknowledging the same and their associates and successors shall become a body corporate with the name therein stated and shall have power: 1. To have perpetual succession by its name, unless a limited period of duration is stated…

1. a. The cooperative has a lien on a member’s interest in the cooperative for all operating charges or other assessments payable by the member pursuant to the member’s proprietary lease from the time the operating charge or other assessment becomes due. If carrying charges and a…

1. Unless amended or terminated by this chapter or by the following documents or instruments, all terms, conditions, covenants, and provisions contained in the following documents or instruments shall remain in full force and effect as long as the cooperative remains in existence…

This subchapter shall be known and cited as “The Cooperative Housing Act” . [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.20 ] 91 Acts, ch 30, §15 CS91, §499A.25

1. The initial bylaws of the cooperative shall be adopted by the cooperative’s board of directors. Prior to the admission of members to the cooperative, the power to alter, amend, or repeal the bylaws or adopt new bylaws is vested in the board of directors. Following the admissio…

A cooperative shall have only one class of members. The designation of that class and the rights of the members of the class shall be set forth in the articles of incorporation or the bylaws. The cooperative must issue membership certificates evidencing the ownership interest of …

1. Meetings of members may be held at such places as may be provided in the articles of incorporation or the bylaws, or as may be fixed from time to time in accordance with the provisions of the articles or the bylaws. In the absence of any such provision, all meetings shall be h…

Unless the articles of incorporation or the bylaws otherwise provide, written notice stating the place, day, and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered no less than ten nor more than f…

1. Each member is entitled to one vote on each matter submitted to a vote of the members. A membership interest in the cooperative jointly owned by two or more persons is nevertheless entitled to one vote. 2. A member entitled to vote may vote in person or by proxy in the manner …

A dividend or distribution of property among the members shall not be made until dissolution of the cooperative. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.4 ] 91 Acts, ch 30, §3

The directors or members of any cooperative organized under this chapter may reorganize the cooperative, and all the property and rights of the cooperative shall vest in the cooperative as reorganized. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.7 ] 91 Acts, ch 30, §4

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 b…

Any cooperative organized under this chapter may change its name or amend its articles of incorporation by a vote of a majority of the members, in such manner as may be provided in its articles; but if no such provision is made in the articles the same may be amended at any regul…