Text: SF00244 Text: SF00246 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 499.14B JOINT MEMBERSHIP
1 2 ALLOWED.
1 3 An association shall issue joint memberships upon the
1 4 request of an eligible party under section 499.13. Each party
1 5 with an interest in a joint membership shall be eligible under
1 6 section 499.13. A joint membership shall be held by each
1 7 party equally with a right of survivorship. A joint
1 8 membership shall be entitled to vote as if the membership was
1 9 held by one party and voting rights shall be exercised by only
1 10 one party to the joint membership. A joint membership is to
1 11 be treated as if it was held by a single individual for all
1 12 other purposes of this chapter.
1 13 Sec. 2. NEW SECTION. 633.706A ACCEPTANCE OF POWERS OF
1 14 ATTORNEY.
1 15 A person, including a cooperative association, shall not
1 16 refuse to honor or accept a valid power of attorney presented
1 17 to the person by the attorney in fact or agent designated by
1 18 the power of attorney and shall not require the principal to
1 19 execute an additional power of attorney document on a form
1 20 provided by the person. This section does not require a
1 21 person to perform an act with the attorney in fact which is
1 22 beyond the scope of the power conferred in the power of
1 23 attorney and does not prevent the person from ascertaining the
1 24 validity of the power of attorney before performing any act
1 25 with the attorney in fact.
1 26 EXPLANATION
1 27 This bill provides that cooperative associations must issue
1 28 joint memberships upon request of a person joining the
1 29 association. Each party in a joint membership must be
1 30 eligible to join the association individually. A joint
1 31 membership shall be voted like a single membership and is
1 32 subject to all the provisions of chapter 499 regarding
1 33 memberships generally.
1 34 The bill provides that a person cannot refuse to honor a
1 35 valid power of attorney or require that the person who
2 1 executed the power of attorney execute another power of
2 2 attorney on a form provided by the person. The bill also
2 3 provides that the person is not required to honor an act under
2 4 a power of attorney which is beyond the scope of the power
2 5 conferred by the power of attorney and that the person may
2 6 determine the validity of the power prior to acting.
2 7 LSB 1708SS 76
2 8 mk/jj/8
Text: SF00244 Text: SF00246 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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