176.1 Incorporation authorized.
For the purpose of improving and advancing agriculture, domestic science, animal husbandry, and horticulture, a
No salary or compensation of any kind shall be paid to the president, vice president, treasurer, or to any director of the association.
176.14 Dividends--diversion of funds.
No dividend shall ever be declared by the association and any diversion of the funds or property of such organization to any other purpose than that for which such organization was incorporated shall constitute theft.
176.15 and 176.16
Repealed by 55 Acts, ch 107, § 21.
176.2 Method of incorporation.
176.3 Articles of incorporation.
Such articles of incorporation shall be substantially as follows:
We, the undersigned farmers, landowners, and persons engaged in business of . . . . . . . . county, Iowa, do hereby adopt the following articles of incorporation:
Article 1. The objects of this corporation shall be to advance and improve, in . . . . . . . . county, Iowa, agriculture, domestic science, horticulture, animal husbandry, and the marketing of farm products.
Article 2. The name of this corporation shall be . . . . . . . . . . . . . . . . . . (the name of the county of which the incorporators are residents shall appear as part of the name of the corporation).
Article 3. The affairs of this corporation shall be conducted by a president, a vice president, a secretary, and a treasurer, who shall perform the duties usually pertaining to such positions, and by a board of not less than nine directors, which shall include the president, vice president, secretary, and treasurer as members thereof.
Such officers and directors shall be elected by the members of the corporation at an annual meeting held at such time and place in the county each year, as the board of directors shall by resolution fix and determine and provided further that the members shall be given not less than ten days' notice of such meeting by mailing notice thereof to the members, at their last known address, as shown by the records of the association.
Article 4. This corporation shall endure until terminated by operation of law.
176.4 Amendments to articles.
The articles of incorporation of such farm aid associations may be amended to conform to the provisions of this Act* at any regular annual meeting, or at any special meeting of the members of such corporation called for that purpose. Notice of such meeting shall be sufficient if published in at least two regular issues of a daily or weekly newspaper of general circulation published in the county in which the meeting is to be held, or by notice mailed to each member at the member's last known address, at least five days prior to such meeting.
*See 29 Acts, ch 80
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176.5 Additional provisions.
The articles may include other provisions which are not inconsistent with the provisions of this chapter and shall be recorded by the county recorder for the fee specified in section 331.604.
176.6 Private property exempt from debts--seal.
Such association may sue and be sued, but the private property of the members shall be exempt from corporate debts. It may have a seal which it may alter at pleasure.
176.7 Powers of association.
Such association shall have power to:
1. Adopt bylaws.
2. Take by gift, purchase, devise, or bequest, real or personal property.
3. Do all things necessary, appropriate, and convenient for the successful carrying out of the objects of the association.
176.8 to 176.12
Repealed by 55 Acts, ch 107, § 21.