Text: HSB00632 Text: HSB00634 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 499.29, Code 1995, is amended to read 1 2 as follows: 1 3 499.29 MANNER OF VOTING. 1 4 Votes shall be cast in person, and not by proxy. The vote 1 5 of a member-association shall be cast only by its 1 6 representative duly authorized in writing. If the articles or 1 7 bylaws permit,an absenta member may cast that member's 1 8signed writtenvote, in advance of the meeting, upon any 1 9 proposition of which the member has been previously notified 1 10 in writing, and of which a copy accompanies the member's vote. 1 11 Sec. 2. Section 499.30, subsection 2, paragraph b, Code 1 12 Supplement 1995, is amended to read as follows: 1 13 b. To the extent that the cooperative association is not 1 14 operating on a pooling basis as provided in this subsection, 1 15 at least ten percent of the remaining earnings must be added 1 16 to surplus until surplus equals either thirty percent of the 1 17 total of all capital paid in for stock or memberships, plus 1 18 all unpaid patronage dividends, plus certificates of 1 19 indebtedness payable upon liquidation, earnings from nonmember 1 20 business, and earnings arising from the earnings of other 1 21 cooperative organizations of which the association is a 1 22 member, or one thousand dollars, whichever is greater. No 1 23 additions shall be made to surplus when it exceeds either 1 24 fifty percent of the total, or one thousand dollars, whichever 1 25 is greater, without the approval of the membership by a 1 26 majority of votes cast. 1 27 Sec. 3. Section 499.46, Code 1995, is amended to read as 1 28 follows: 1 29 499.46 BYLAWS. 1 30 The directors, by a vote of seventy-five percent of the 1 31 directors, may adopt, alter, amend, or repeal bylaws for the 1 32 association, which shall remain in force until altered, 1 33 amended, or repealed by a vote of seventy-five percent of the 1 34 members present or represented having voting privileges, at 1 35 any annual meeting or special meeting of the membership,or as2 1otherwise provided in the articles of incorporation or bylaws2 2 provided that at least ten days' prior written notice of the 2 3 impending membership vote has been mailed to all members of 2 4 the association with a copy or summary of the proposed 2 5 adoption, alteration, amendment, or repeal of the bylaws. 2 6 Proposals by members to adopt, alter, amend, or repeal bylaws 2 7 by vote of the membership shall be presented to the 2 8 association's registered office for mailing to the membership 2 9 by the association at least twenty days prior to the meeting 2 10 at which the proposed change is to be considered. Bylaws 2 11 shall be kept by the secretary subject to inspection by any 2 12 member at any time. Bylaws may deal with the fiscal or 2 13 internal affairs of the association or any subject of this 2 14 chapter in any manner not inconsistent with this chapter or 2 15 the articles. 2 16 EXPLANATION 2 17 This bill relates to voting, the distribution of earnings, 2 18 and the bylaws of a cooperative association. The bill 2 19 eliminates the provisions requiring a member's vote made in 2 20 writing in advance of the meeting to be signed by the member 2 21 and accompanied by a copy of the notice of the proposition 2 22 being voted on. These changes have the effect of allowing a 2 23 member to cast a secret absentee vote on issues that come 2 24 before a membership meeting of a cooperative association and 2 25 then attend the membership meeting without invalidating the 2 26 absentee ballot. 2 27 The bill amends the provision prohibiting additional 2 28 earnings from being added to the surplus of a cooperative 2 29 association when the surplus exceeds either 50 percent of the 2 30 total of all capital paid in for stock or membership, or 2 31 $1,000, whichever is greater, by authorizing the membership, 2 32 by a majority of votes cast, to approve such an addition. 2 33 The bill provides that the members of a cooperative asso- 2 34 ciation may adopt, alter, amend, or repeal the bylaws of the 2 35 cooperative association provided that 10 days' prior written 3 1 notice of the impending membership vote is mailed to all 3 2 members by the association with a copy or summary of the 3 3 proposed change. The bill provides that proposals by members 3 4 to change the bylaws of the cooperative association by vote of 3 5 the membership must be presented to the cooperative 3 6 association's registered office for mailing to the membership 3 7 by the association at least 20 days prior to the meeting at 3 8 which the proposed change is to be considered. 3 9 LSB 3660HC 76 3 10 kah/jw/5.2
Text: HSB00632 Text: HSB00634 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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