Alternating copolymers having functional group and process for producing same

An alternating copolymer having functional groups obtained by copolymerizing at least one olefin selected from the group consisting of isobutylene, propylene, butene-1, 2-methylbutene-1, 2-methyl-pentene-1, hexene-1, butene-2, 4-methylpentene-1, .beta.-methallylchloride, 2-methyl-4-chloropentene-1, 2-methyl-4-phenylbutene-1 and octadecene-1, at least one acrylic ester and at least one .alpha.,.beta.-ethylenically unsaturated dicarboxylic acid or its derivative represented by the formula:

• ##EQU3## wherein Y and Z are independently -O-, -S-, or -NR.sup.3 -;
• and R.sup.1, R.sup.2 and R.sup.3 are independently hydrogen or hydrocarbon groups having 1 to 20 carbon atoms, said alternating copolymer consisting essentially of alternating sequences in which the olefin is bonded only to the acrylic ester or the .alpha.,.beta.-ethylenically unsaturated dicarboxylic acid or its derivative, while the acrylic ester and the .alpha.,.beta.-ethylenically unsaturated dicarboxylic acid or its derivative are bonded only to the olefin said alternating copolymer comprising about 50 mole percent olefin units, 0.1 to 49.9 mole percent acrylic ester units and 0.1 to 49.9 mole percent .alpha.,.beta.-ethylenically unsaturated dicarboxylic acid or its derivative units and wherein the copolymer has an intrinsic viscosity of 0.1 to 10 dl/g as measured in toluene at 30.degree.C.