1. An association may extend its duration perpetually, or for any definite time, by resolution adopted by a majority of allitsmembers, or any different vote for which thearticles may provide, at a meeting called for that purpose and held before its original expiration. 2. Unless the association has meanwhile wound up, its duration may be extended in like manner within three years after its original expiration, with the same effect as ifdone prior thereto, by a vote of two-thirds of all itsmembers. 3. The resolution must state the name of the association, itsoriginal expiration date, and for how long thereafter itsduration is extended, and must also adopt, and designate officers toexecute, renewal articles of incorporation containing the things required in section 499.40. 4. The renewal articles shall be executed and filedas required by section 499.41. Renewal shall not relieve the association from fees, charges, or penalties which may have accrued against it.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.