10.12 - MULTIPLE INTERESTS RESTRICTED -- PENALTIES. - Iowa Statutes

10.12 MULTIPLE INTERESTS RESTRICTED -- PENALTIES. 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. 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.          Section History: Recent Form 98 Acts, ch 1110, §112, 301