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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