Iowa Code 10.12 – Multiple interests restricted — penalties
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1. A civil penalty of not more than one thousand dollars may be imposed on a person who becomes one of the following:
a. A stockholder of a networking farmers corporation as prohibited in section 10.4.
b. A member of a networking farmers limited liability company as prohibited in section 10.6.
c. A member of a farmers cooperative association as prohibited in section 10.8.
Terms Used In Iowa Code 10.12
- Authorized entity: means an authorized farm corporation; authorized limited liability company; limited partnership, other than a family farm limited partnership; or an authorized trust as defined in section 9H. See Iowa Code 10.1
- Cooperative association: means an entity which is structured and operated on a cooperative basis pursuant to 26 U. See Iowa Code 10.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Farmers entity: means a networking farmers entity, farmers cooperative limited liability company, or farmers cooperative association. See Iowa Code 10.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Networking farmers limited liability company: means a limited liability company, other than a family farm limited liability company as defined in section 9H. See Iowa Code 10.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
2. The person violating the section shall divest the interest held by the person in a farmers entity or authorized entity as is necessary to comply with this chapter, as provided in section 10.13.