CMC Bylaws and Articles
Communty Market Cooperative is incorporated in the state of Iowa under Chapter 501A. We were incorporated through the law office of Wilcox, Polking, Gerken, Schwarzkopf, & Copeland, P.C. of Jefferson, IA. John Gerken oversaw the process.
Chapter 501A in the Code of Iowa, was passed by the Iowa Legislature and signed by the Governor in 2005. Much of Chapter 501A is devoted to an organizational and operating structure built from a combination of Chapter 499, the traditional Iowa co-op law and Chapter 490A, the limited liability company law. Chapter 501A allows a cooperative to be organized on a partnership model similar to a limited liability company. A significant feature of this structure is the opportunity provided a 501A cooperative to seek outside equity capital to create or expand the cooperative. A 501A cooperative may have both patron (user) members and non-patron (investor) members. It provides a great deal of flexibility in how the patron members may structure their business; however it does set certain limits in the areas of patron governance and patron financial rights.
If you would like to read more about this law, please visit the Iowa Institute for Cooperatives' website with a full explanation.
Our bylaws and articles of incorporation are included in every packet sent out when an owner invests. The most recent versions are also available here on our website in pdf format.
