Iowa Code 499.63 – Consolidation
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1. Any two or more cooperative associations may be consolidated into a new cooperative association in the manner provided in this section.
Terms Used In Iowa Code 499.63
- Association: means a corporation formed under this chapter. See Iowa Code 499.2
- Consolidation: means the uniting of two or more cooperative associations into one cooperative association, in such manner that a new cooperative association is formed, and the new cooperative association absorbs the others, which cease to exist as separate entities. See Iowa Code 499.61
- cooperative association: means any of the following:a. See Iowa Code 499.43A2. The board of directors of each cooperative association shall, by resolution adopted by a majority vote of all members of each board, approve a plan of consolidation setting forth:a. The names of the cooperative associations proposing to consolidate and the name of the new association.b. The terms and conditions of the proposed consolidation.c. With respect to the new association, all of the statements required to be set forth in articles of incorporation for cooperative associations.d. Other provisions deemed necessary or desirable.