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

1. An association administratively dissolved under section 499.77 may apply to the secretary of state for reinstatement at any time after the effective date of dissolution. The application must meet all of the following requirements: a. Recite the name of the association at its d…

1. If the secretary of state denies an association’s application for reinstatement following administrative dissolution, the secretary of state shall serve the association pursuant to section 499.75 with a written notice that explains the reason or reasons for denial. 2. The asso…

1. The board of directors, upon receiving actual notice of the death of a member or stockholder, shall provide a statement to the administrator or executor of the member’s or stockholder’s estate, or to the attorney representing such estate. The statement shall describe agricultu…

An agricultural association may contract with any member for the member’s exclusive sale to or through it, of all or any part of the member’s agricultural products or other designated commodities. Such contracts may permit the association to take and sell the property without acq…

1. If a member of a cooperative association intends to distribute information to other members of a cooperative association and the member does not have a list of the members of the cooperative association, the member may request the board of directors to distribute the informati…

1. a. Contracts permitted by section 499.8 may provide that the member pay the association any sum, fixed in amount or by a specified method of computation, for each violation thereof; also all the association’s expenses of any suit thereon, including bond premiums and attorney’s…

1. Any two or more persons of full age, a majority of whom are citizens of the state, may organize themselves for the following or similar purposes: Ownership of residential, business property on a cooperative basis. A corporation or limited liability company is a person within t…

The change or amendment provided for in section 499A.9 shall be recorded as the original articles are recorded. From the date of filing such change or amendment for record, the provisions of said section having been complied with, the change or amendment shall take effect as a pa…

As used in this subchapter , unless the context otherwise requires: 1. “Advisor” means a member of the association’s advisory committee. 2. “Association” means a sweat equity housing cooperative association created pursuant to this subchapter . 3. “Authority” means a local housin…

1. A local housing authority may be created to encourage and assist the formation of housing cooperatives under this chapter . The following persons are authorized to form an authority, separately, or in combination with other authorized persons: a. A city. b. A county. c. A nonp…

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…

This chapter shall be known as the “Horizontal Property Act”. [C66, 71, 73, 75, 77, 79, 81, §499B.1 ]

When real property containing a building is committed to a horizontal property regime, each individual apartment located in the building and the interests in the general common elements and limited common elements if any, appurtenant thereto, shall constitute for all purposes a s…

1. All real property taxes and special assessments shall be assessed and levied on each apartment and its respective appurtenant fractional share or percentage of the land, general common elements and limited common elements where applicable as these apartments and appurtenances …

1. Subsequent to recording the declaration provided for in section 499B.3 , and while the property remains enrolled in a horizontal property regime, no lien shall thereafter arise or be effective against the property. During such period liens or encumbrances shall arise or be cre…

1. The provisions of chapter 651 , relating to partition of real property shall not be available to any owner of any interest in real property included within a regime established under this chapter as against any other owner or owners of any interest or interests in the same reg…

The administration of every property shall be governed by bylaws, a true copy of which shall be annexed to the declaration and made a part thereof. No modification of or amendment to the bylaws shall be valid unless set forth in an amendment to the declaration and such amendment …

The bylaws must provide for at least the following: 1. The form of administration, indicating whether this shall be in charge of an administrator or of a board of administration, or otherwise, and specifying the powers, manner of removal, and, where proper, the compensation there…

If within thirty days of the date of the damage or destruction to all or part of the property, it is not determined by the council of co-owners to repair, reconstruct or rebuild, then and in that event: 1. The property shall be deemed to be owned in common by the apartment owners…

All sums assessed by the council of co-owners but unpaid for the share of the common expenses chargeable to any apartment shall constitute a lien on such apartment prior to all other liens except only tax liens on the apartment in favor of any assessing unit and special district …

Where the mortgagee of a first mortgage of record or other purchaser of an apartment obtains title to the apartment as a result of foreclosure of the first mortgage, such acquirer of title, the acquirer’s successors and assigns, shall not be liable for the share of the common exp…

In a voluntary conveyance the grantee of an apartment shall be jointly and severally liable with the grantor for all unpaid assessments against the latter for the grantor’s share of the common expenses up to the time of the grant or conveyance, without prejudice to the grantee’s …

Unless it is plainly evident from the context that a different meaning is intended, as used in this chapter : 1. “Apartment” means one or more rooms occupying all or a part of a floor or floors in a building of one or more floors or stories and notwithstanding whether the apartme…

After April 25, 2000, an existing structure shall not be converted to a horizontal property regime unless the converted structure meets local city or county, as applicable, building code requirements in effect on the date of conversion or the state building code requirements, as …

1. Unless amended or terminated 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 horizontal property regime remains in existence: a.…