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
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