Iowa Code 501B.5 – Legal entity — perpetual existence — powers
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1. An unincorporated nonprofit association is a legal entity distinct from its members and managers.
Terms Used In Iowa Code 501B.5
- association: means an unincorporated organization consisting of two or more members joined under an agreement that is oral, in a record, or implied from conduct, for one or more common, nonprofit purposes. See Iowa Code 501B.2
- Governing principles: includes any amendment or restatement of the agreements constituting the governing principles. See Iowa Code 501B.2
2. An unincorporated nonprofit association has perpetual duration unless the governing principles specify otherwise.
3. An unincorporated nonprofit association has the same powers as an individual to do all things necessary or convenient to carry on its purposes.
4. An unincorporated nonprofit association may engage in profit-making activities but profits from any activities must be used or set aside for the association’s nonprofit purposes.