501A.1004 - CONTRIBUTION RIGHTS AGREEMENTS.
501A.1004 CONTRIBUTION RIGHTS AGREEMENTS. 1. Agreements permitted. Subject to any restrictions in a cooperative's articles or bylaws, the cooperative may enter into contribution rights agreements under the terms, provisions, and conditions established by board resolution. 2. Writing required and terms to be stated. Any contribution rights agreement must be in writing and the writing must state in full, summarize, or include by reference all the agreement's terms, provisions, and conditions of the rights to make contributions. 3. Restrictions on assignment. Unless otherwise provided in a cooperative's articles or bylaws, a would-be contributor's rights under a contribution rights agreement shall not be assigned, in whole or in part, to a person who was not a member at the time of the assignment, unless all the members approve the assignment by unanimous written consent.
Section History: Recent Form 2005 Acts, ch 135, §76 Referred to in § 501A.1001