Section 499.40. Articles.

  Articles of incorporation must be signed and acknowledged by each incorporator. They may deal with any fiscal or internal affair of the association or any subject hereof in any manner not inconsistent with this chapter. All articles must state in the English language:

  1.  The name of the association, which must include the word “cooperative”; and the address of its principal office.

  2.  The purposes for which it is formed, and a statement that it is organized under this chapter.

  3.  Its duration, which may be perpetual.

  4.  The name, occupation and post office address of each incorporator.

  5.  The following information regarding the directors:

  a.  Their number.

  b.  Whether there is a fixed number or a variable range as provided in section 499.36. If a variable range is established, the information shall include the minimum and maximum number.

  c.  Their qualifications.

  d.  Their terms of office.

  e.  How they shall be chosen and removed from office.

  6.  Who are eligible for membership, how members shall be admitted and membership lost, how earnings shall be distributed among members, how assets shall be distributed in liquidation, and, in addition, either:

  a.  That the association shall have capital stock; the classes, par value and authorized number of shares of each class thereof; how shares shall be issued and paid for; and what rights, limitations, conditions and restrictions pertain to the stock, which shall be alike as to all stock of the same class; or

  b.  That the association shall have no capital stock, and what limitations, conditions, restrictions and rights pertain to membership; and if the rights are unequal, the rules respecting them shall be specifically stated.

  7.  The date of the first regular meeting of members.

  8.  The name and street address of the association’s initial registered agent.

[C35, §8512-g40; C39, §8512.40; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499.40]

93 Acts, ch 126, §15

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97 Acts, ch 17, §6