Text: H03720 Text: H03722 Text: H03700 - H03799 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 521 as follows:
1 2 #1. Page 2, by inserting after line 34 the
1 3 following:
1 4 "Sec. . Section 9H.5, Code 1995, is amended by
1 5 adding the following new subsection:
1 6 NEW SUBSECTION. 2A. If a person who is a
1 7 stockholder of an authorized farm corporation, a
1 8 member of an authorized limited liability company, a
1 9 beneficiary of an authorized trust, or a limited
1 10 partner of a limited partnership proposes to transfer
1 11 an interest in the authorized entity to a person other
1 12 than a natural person who is a farmer stockholder, a
1 13 farmer member, a farmer beneficiary, or a farmer
1 14 limited partner, the transferor must first offer to
1 15 sell or dispose of the interest to each of the natural
1 16 persons who are farmer stockholders, farmer members,
1 17 farmer beneficiaries, or farmer limited partners on
1 18 the same terms and at the same price as proposed to
1 19 the person who is not a natural person who is a farmer
1 20 stockholder, farmer member, farmer beneficiary, or
1 21 farmer limited partner. Each natural person who is a
1 22 farmer stockholder, farmer member, farmer beneficiary,
1 23 or farmer limited partner shall have ten business days
1 24 after being given notice of the terms and price of the
1 25 proposed transfer in which to exercise the right to
1 26 purchase the interest by submitting a binding offer to
1 27 the transferor on the same terms as the proposed
1 28 transfer, with execution of the transfer to occur
1 29 within thirty days after the offer unless otherwise
1 30 agreed by the parties. If more than one natural
1 31 person who is a farmer stockholder, farmer member,
1 32 farmer beneficiary, or farmer limited partner
1 33 exercises the right to purchase the interest, the
1 34 transferor shall transfer the interest according to
1 35 terms negotiated between the parties. After the
1 36 expiration of either the period for offer or the
1 37 period for execution without the submission of an
1 38 offer or an execution, the transferor may sell or
1 39 otherwise dispose of the interest to any other person
1 40 on the terms upon which it was offered to the natural
1 41 persons who are farmer stockholders, farmer members,
1 42 farmer beneficiaries, or farmer limited partners.
1 43 However, this subsection shall not apply to a transfer
1 44 of an interest between persons related to each other
1 45 as spouse, parent, grandparent, lineal ascendants of
1 46 grandparents or their spouses and other lineal
1 47 descendants of the grandparents or their spouses or
1 48 persons acting in a fiduciary capacity for persons so
1 49 related."
1 50 #2. By renumbering as necessary.
2 1
2 2
2 3
2 4 MUNDIE of Webster
2 5 HF 521.201 76
2 6 da/jj
Text: H03720 Text: H03722 Text: H03700 - H03799 Text: H Index Bills and Amendments: General Index Bill History: General Index
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