Text: HF02035 Text: HF02037 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 499.5, Code 1995, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 4. A telephone company organized as a
1 4 corporation under chapter 491 and qualifying pursuant to an
1 5 internal revenue service letter ruling under I.R.C. }
1 6 501(c)(12) as a nonprofit corporation entitled to distribute
1 7 profits in a manner similar to an association under this
1 8 chapter may reorganize as an association under this chapter
1 9 upon the affirmative vote of two-thirds of the votes cast by
1 10 the shares entitled to vote in an election at a meeting at
1 11 which a majority of all shares entitled to vote cast a vote.
1 12 EXPLANATION
1 13 This bill provides that a telephone company organized as a
1 14 corporation under chapter 491 and qualifying pursuant to an
1 15 internal revenue service letter ruling under I.R.C. } 501(c)(12)
1 16 as a nonprofit corporation entitled to distribute profits in a
1 17 manner similar to a chapter 499 corporation may reorganize as an
1 18 association under chapter 499 upon the affirmative vote of two-
1 19 thirds of the votes cast by a majority of all shares entitled to
1 20 vote.
1 21 LSB 3529HH 76
1 22 mj/cf/24
Text: HF02035 Text: HF02037 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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