Iowa Code 12C.13 – Deposit not membership
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Terms Used In Iowa Code 12C.13
- 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.
- Credit union: means a cooperative, nonprofit association incorporated under chapter 533 or the federal Credit Union Act, 12 U. See Iowa Code 12C.1
- public funds: means public funds as defined in section 12C. See Iowa Code 12B.10C
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
Notwithstanding chapter 524, the deposit of public funds in a credit union as defined in section 533.102 or a mutual corporation as defined in section 524.103 does not constitute being a shareholder, stockholder, or owner of a corporation in violation of Article VIII of the Constitution of the State of Iowa or any other provision of law.