Text: S05059 Text: S05061 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2135 as follows: 1 2 #1. Page 1, by striking lines 32 through 34 and 1 3 inserting the following: 1 4 "i. A cooperative corporation organized under 1 5 chapter 501, if the cooperative buys grain from 1 6 producers who are members or a licensed grain dealer, 1 7 and the cooperative does not resell that grain." 1 8 #2. Page 10, by inserting after line 35 the 1 9 following: 1 10 "Sec. . NEW SECTION. 501.305 FINANCIAL 1 11 INFORMATION. 1 12 The cooperative shall make available financial 1 13 information to its membership by doing either of the 1 14 following: 1 15 1. Preparing and providing to its members a 1 16 financial statement for the cooperative's last fiscal 1 17 year. 1 18 a. The financial statement must be based upon an 1 19 unqualified opinion based upon an audit performed by a 1 20 certified public accountant licensed in this state. 1 21 However, a qualification in an opinion is valid, if it 1 22 is unavoidable by any audit procedure that is 1 23 permitted under generally accepted accounting 1 24 principles. An opinion that is qualified because of a 1 25 limited audit procedure or because the scope of an 1 26 audit is limited is invalid for purposes of this 1 27 section. 1 28 b. The financial statement must disclose the 1 29 assets, liabilities, and net worth of the cooperative. 1 30 The financial statement must be prepared according to 1 31 generally accepted accounting principles. Assets must 1 32 be shown at original cost less depreciation, or based 1 33 upon a valuation in accordance with a competent 1 34 appraisal. Unpriced contracts for agricultural 1 35 commodities or products must be shown as a liability 1 36 and valued at the applicable current market price of 1 37 the agricultural commodities or products as of the 1 38 date the financial statement is prepared. 1 39 2. Honoring a demand to provide access at all 1 40 reasonable hours at its offices the books, records, 1 41 accounts, papers, documents, and computer programs or 1 42 other recordings relating to the property, assets, 1 43 business, and financial affairs of the cooperative. 1 44 The demand shall be in writing and signed by at least 1 45 fifty percent of all the members of the cooperative. 1 46 The cooperative shall honor the demand within one day 1 47 from its receipt. Upon receipt of the demand, the 1 48 cooperative must provide access to one or more persons 1 49 selected by the fifty percent of the members to 1 50 conduct the examination." 2 1 #3. Page 16, line 23, by inserting after the word 2 2 "stock" the following: ", other than voting stock,". 2 3 #4. By striking page 16, line 30, through page 17, 2 4 line 9, and inserting the following: 2 5 "Sec. . NEW SECTION. 501.502 TERMINATION OF 2 6 MEMBERSHIP. 2 7 1. A membership shall terminate upon the death of 2 8 the member. 2 9 2. The articles or bylaws may authorize the board 2 10 to terminate a membership for any of the following 2 11 reasons: 2 12 a. The member has attempted to transfer stock to a 2 13 person who is not a member and has not been approved 2 14 for membership. 2 15 b. The member has failed to meet the member's 2 16 commitment to provide products to the cooperative or 2 17 to buy the cooperative's products. 2 18 c. The member is no longer an authorized person. 2 19 d. The member is no longer a farming entity. 2 20 3. A member's right to vote at member meetings 2 21 shall cease upon termination of the membership. 2 22 4. The cooperative shall redeem, without interest, 2 23 the voting stock of a terminated member within one 2 24 year after the termination of the membership for the 2 25 fair market value of the stock. If the amount 2 26 originally paid by the member for the voting stock was 2 27 less than ten percent of the total amount the member 2 28 paid for all classes of stock, the cooperative may 2 29 redeem the voting stock for its issue price if the 2 30 cooperative's articles of incorporation grant the 2 31 cooperative this authority. 2 32 5. The cooperative shall redeem, without interest, 2 33 all of the terminated member's allocated patronage 2 34 refunds and preferred stock originally issued as 2 35 allocated patronage refunds for the issue price. A 2 36 cooperative shall make this payment within one year 2 37 after the termination of the membership. However, if 2 38 a terminated member's current equity equals or exceeds 2 39 two percent of the cooperative's total members' 2 40 equity, the cooperative shall redeem the terminated 2 41 member's equity in annual amounts of not less than 2 42 fifteen percent of the total amount provided that the 2 43 entire amount must be redeemed within seven years." 2 44 #5. By renumbering as necessary. 2 45 2 46 2 47 2 48 BERL E. PRIEBE 2 49 2 50 3 1 3 2 DERRYL McLAREN 3 3 SF 2135.504 76 3 4 da/jw
Text: S05059 Text: S05061 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
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