Bill Text: IA SF2312 | 2013-2014 | 85th General Assembly | Enrolled
Bill Title: A bill for an act relating to the continued effect of terms, conditions, covenants, and provisions contained in documents and instruments creating or regulating multiple housing cooperatives and horizontal property regimes, by allowing limited liability companies to form multiple housing cooperatives, and including applicability provisions. (Formerly SSB 3134.) Effective 7-1-14.
Spectrum: Committee Bill
Status: (Passed) 2014-04-17 - Signed by Governor. S.J. 807. [SF2312 Detail]
Download: Iowa-2013-SF2312-Enrolled.html
Senate
File
2312
AN
ACT
RELATING
TO
THE
CONTINUED
EFFECT
OF
TERMS,
CONDITIONS,
COVENANTS,
AND
PROVISIONS
CONTAINED
IN
DOCUMENTS
AND
INSTRUMENTS
CREATING
OR
REGULATING
MULTIPLE
HOUSING
COOPERATIVES
AND
HORIZONTAL
PROPERTY
REGIMES,
BY
ALLOWING
LIMITED
LIABILITY
COMPANIES
TO
FORM
MULTIPLE
HOUSING
COOPERATIVES,
AND
INCLUDING
APPLICABILITY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
499A.1,
subsection
1,
Code
2014,
is
amended
to
read
as
follows:
1.
Any
two
or
more
persons
of
full
age,
a
majority
of
whom
are
citizens
of
the
state,
may
organize
themselves
for
the
following
or
similar
purposes:
Ownership
of
residential,
business
property
on
a
cooperative
basis.
A
corporation
or
limited
liability
company
is
a
person
within
the
meaning
of
this
chapter
.
The
organizers
shall
adopt,
and
sign
and
acknowledge
the
articles
of
incorporation,
stating
the
name
by
which
the
cooperative
shall
be
known,
the
location
of
its
principal
place
of
business,
its
business
or
objects,
the
number
of
directors
to
conduct
the
cooperative’s
business
or
objects,
the
names
of
the
directors
for
the
first
year,
the
time
of
the
cooperative’s
annual
meeting,
the
time
of
the
annual
meeting
of
its
directors,
and
the
manner
in
which
the
articles
may
be
amended.
The
articles
of
incorporation
shall
be
filed
with
the
secretary
of
state
who
shall,
if
the
secretary
approves
the
articles,
endorse
the
secretary
of
state’s
approval
on
the
articles,
record
the
articles,
and
forward
the
articles
to
the
county
recorder
of
the
county
where
the
principal
place
of
business
is
to
be
located,
and
there
Senate
File
2312,
p.
2
the
articles
shall
be
recorded,
and
upon
recording
be
returned
to
the
cooperative.
The
articles
shall
not
be
filed
by
the
secretary
of
state
until
a
filing
fee
of
five
dollars
together
with
a
recording
fee
of
fifty
cents
per
page
is
paid,
and
upon
the
payment
of
the
fees
and
the
approval
of
the
articles
by
the
secretary
of
state,
the
secretary
shall
issue
to
the
cooperative
a
certificate
of
incorporation
as
a
cooperative
not
for
pecuniary
profit.
The
county
recorder
shall
collect
recording
fees
pursuant
to
section
331.604
for
articles
forwarded
for
recording
under
this
section
.
Sec.
2.
NEW
SECTION
.
499A.23
Effect
of
documents
and
instruments.
1.
Unless
amended
or
terminated
by
this
chapter
or
by
the
following
documents
or
instruments,
all
terms,
conditions,
covenants,
and
provisions
contained
in
the
following
documents
or
instruments
shall
remain
in
full
force
and
effect
as
long
as
the
cooperative
remains
in
existence:
a.
The
articles
of
incorporation
of
the
cooperative
and
any
amendments
thereto.
b.
The
bylaws
of
the
cooperative
and
any
amendments
thereto.
c.
Any
proprietary
leases,
contracts,
or
other
agreements
between
the
cooperative
and
a
member
of
the
cooperative
or
between
members
of
the
cooperative.
d.
Any
property
interests
created
by
any
documents
or
instruments
specified
in
paragraph
“a”
,
“b”
,
or
“c”
.
2.
A
document
or
instrument
specified
in
subsection
1,
and
any
property
interests
created
by
such
document
or
instrument,
shall
not
be
extinguished,
limited,
or
impaired
by
application
of
section
558.68
or
614.24.
Sec.
3.
NEW
SECTION
.
499B.21
Effect
of
documents
and
instruments.
1.
Unless
amended
or
terminated
by
the
following
documents
or
instruments,
all
terms,
conditions,
covenants,
and
provisions
contained
in
the
following
documents
or
instruments
shall
remain
in
full
force
and
effect
as
long
as
the
horizontal
property
regime
remains
in
existence:
a.
The
declaration
of
the
horizontal
property
regime
and
any
amendments
thereto.
b.
The
articles
of
incorporation
of
the
horizontal
property
regime
and
any
amendments
thereto.
c.
The
bylaws
of
the
horizontal
property
regime
and
any
amendments
thereto.
d.
Any
rules
and
regulations
adopted
pursuant
to
the
Senate
File
2312,
p.
3
declaration
of
the
horizontal
property
regime
and
the
bylaws
of
the
horizontal
property
regime.
e.
Any
property
interests
created
by
any
documents
or
instruments
specified
in
paragraphs
“a”
,
“b”
,
“c”
,
or
“d”
.
2.
A
document
or
instrument
specified
in
subsection
1,
and
any
property
interests
created
by
such
document
or
instrument,
shall
not
be
extinguished,
limited,
or
impaired
by
application
of
section
558.68
or
614.24.
Sec.
4.
Section
558.68,
Code
2014,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
6.
This
section
shall
not
extinguish,
limit,
or
impair
the
validity
of
a
document
or
instrument
specified
in
section
499A.23
or
499B.21,
or
any
property
interests
created
by
such
document
or
instrument.
Sec.
5.
Section
614.24,
Code
2014,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
4.
This
section
shall
not
extinguish,
limit,
or
impair
the
validity
of
a
document
or
instrument
specified
in
section
499A.23
or
499B.21,
or
any
property
interests
created
by
such
document
or
instrument.
Sec.
6.
APPLICABILITY.
This
Act
applies
to
all
multiple
housing
cooperatives
and
horizontal
property
regimes
created
prior
to,
and
still
in
existence
on,
July
1,
2014,
and
created
on
or
after
July
1,
2014.
______________________________
PAM
JOCHUM
President
of
the
Senate
______________________________
KRAIG
PAULSEN
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2312,
Eighty-fifth
General
Assembly.
______________________________
MICHAEL
E.
MARSHALL
Secretary
of
the
Senate
Approved
_______________,
2014
______________________________
TERRY
E.
BRANSTAD
Governor
