The name of the corporation is Iowa Seed Association, Incorporated.
The purposes of this association shall be to promote the interests of the seed industry, at all levels: to promote friendship and understanding among its members and everyone associated with or having interest in the seed industry; to secure and disseminate among its members statistical and other information pertinent to the business of its members; to encourage and promote research pertaining to the betterment of agriculture; to aid in the establishment or enactment of equitable laws; rules and regulations for the transaction of business among its members; to advise and assist in the enactment and enforcement of equitable laws and regulations which in their operation shall deal justly with the rights of parties interested in and affected by the seed industry; to cooperate with educational and regulatory authorities and other interested agencies in the development of a sound and effective seed program for the advancement of agriculture; and to do all things necessary and proper in the fulfillment or advancement of the foregoing purposes.
Provided, however, that this Association shall not conduct or carry on any activities not permitted to be conducted or carried on by an organization exempt from income taxation under Section 501(c)(6) of the Internal Revenue Code as it now exists or as hereafter amended.
Section 1. Regular Members. Regular members of this association shall be limited to and composed of persons who are directly engaged in the seed industry or who are vitally interested in the purposes of this association, have been approved for membership by the Board of Directors, and have paid the current dues applicable to regular Members.
Section 2. Other Members. The Board of Directors is authorized to provide in the By-Laws for Associate, Honorary, and other memberships in this association on such terms and conditions as the Board shall prescribe compatible with the purposes of the association.
Upon the dissolution of the corporation, the Board of Directors shall, after paying or making provision for payment of all of the liabilities of the corporation, dispose of all of the assets of the corporation exclusively for the purposes of the corporation in such manner, or to such organization or organizations organized and operated exclusively for charitable, educational, religious or scientific purposes as shall at the time qualify as an exempt organization under Section 501 (c) (3) of the Internal Revenue Code of 1954 (or the corresponding provision of any subsequent United States Internal Revenue Code), as the Board of Directors shall determine. Any such assets not so disposed of shall be disposed of by the District Court of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organizations as said court shall determine are organized exclusively for that purpose.