501.305 - MULTIPLE MEMBERSHIP PROHIBITED. - Iowa Statutes

501.305 MULTIPLE MEMBERSHIP PROHIBITED. A person who is a member owning fifteen percent or more of a cooperative shall not be eligible to be a member of any other cooperative organized under this chapter. A person violating this section is subject to a civil penalty of not more than one hundred dollars. The person's membership in a cooperative shall terminate if the person's acquisition of an interest in that cooperative caused the person to be in violation of this section.          Section History: Recent Form 96 Acts, ch 1010, §19 Referred to in § 501.103