501A.806 Quorum.
1. Quorum. The quorum for a members’ meeting to transact business shall be by any of the following:
a. Ten percent of the total number of members of a cooperative with five hundred or fewer members.
b. Fifty members for cooperatives with more than five hundred members.
2. Quorum for voting by mail. In determining a quorum at a meeting, on a question submitted to a vote by mail or by an alternative voting method, members present in person or represented by mail vote or the alternative voting method shall be counted. The attendance of a sufficient number of members to constitute a quorum shall be established by a registration of the members of the cooperative present at the meeting. The registration shall be verified by the chairperson or the records officer of the cooperative and shall be reported in the minutes of the meeting.
3. Meeting action invalid without quorum. An action by a cooperative is not valid or legal in the absence of a quorum at the meeting at which the action was taken.
2005 Acts, ch 135, §56; 2011 Acts, ch 23, §21
Referred to in §501A.808