Text: HF00304 Text: HF00306 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 499.30A ABANDONED ASSETS. 1 2 Unclaimed earnings, dividends on stock, memberships, local 1 3 deferred patronage dividends or local deferred patronage stock 1 4 which cannot be paid or redeemed because the assets have been 1 5 abandoned as provided in section 556.5, shall be credited to 1 6 the association and paid, redeemed, or retired on behalf of 1 7 the members and distributed as earnings as provided in section 1 8 499.30. 1 9 Sec. 2. Section 556.5, Code 1995, is amended by adding the 1 10 following new subsection: 1 11 NEW SUBSECTION. 7. Unclaimed earnings, dividends on 1 12 stock, memberships, local deferred patronage dividends, or 1 13 local deferred patronage stock which cannot be paid or 1 14 redeemed by a cooperative association organized under chapter 1 15 499 because the assets have been abandoned as provided in this 1 16 section, shall be credited to the cooperative association, and 1 17 shall be paid, redeemed, or retired on behalf of the members 1 18 as provided in section 499.30. 1 19 EXPLANATION 1 20 Chapter 556 provides for the escheat of abandoned assets to 1 21 the state. Section 556.5 provides procedures for the 1 22 abandonment of stocks and other intangible interests in 1 23 business associations. This bill provides that unclaimed 1 24 earnings, dividends on stock, memberships, local deferred 1 25 patronage dividends, or local deferred patronage stock which 1 26 cannot be paid or redeemed by a cooperative association 1 27 organized under chapter 499 because the assets have been 1 28 abandoned as provided in section 556.5, must be credited to 1 29 the cooperative association, and must be paid, redeemed, or 1 30 retired on behalf of the members as provided for other 1 31 earnings. 1 32 LSB 1212YH 76 1 33 da/sc/14
Text: HF00304 Text: HF00306 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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