Section 351.1120

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 351

Effective - 28 Aug 2011   

  351.1120.  Additional vote for patron member, when. — 1.  A cooperative, by its articles or bylaws, may authorize patron members to have an additional vote for:

  (1)  A stipulated amount of business transacted between the patron member and cooperative;

  (2)  Where the patron member is another cooperative, a stipulated number of patron members of such member;

  (3)  A certain stipulated amount of equity allocated to or held by a patron member in the cooperative;

  (4)  A combination of methods in subdivisions (1) to (3) of this subsection.

  2.  A cooperative that is organized into units or districts of patron members may, by the articles or bylaws, authorize the delegates elected by its patron members to have an additional vote for:

  (1)  A stipulated amount of business transacted between the patron members in the units or districts and the cooperative;

  (2)  A certain stipulated amount of equity allocated to or held by the patron members of the units or districts of the cooperative; or

  (3)  A combination of methods in subdivisions (1) and (2) of this subsection.

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(L. 2011 S.B. 366)