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House Journal: Page 1062: Wednesday, March 29, 1995

24   partner of a limited partnership proposes to transfer
25   an interest in the authorized entity to a person other
26   than a farmer stockholder, a farmer member, a farmer
27   beneficiary, or a farmer limited partner, the
28   transferor must first offer to sell or dispose of the
29   interest to each of the farmer stockholders, farmer
30   members, farmer beneficiaries, or farmer limited
31   partners on the same terms and at the same price as
32   proposed to the person who is not a farmer
33   stockholder, farmer member, farmer beneficiary, or
34   farmer limited partner.  Each farmer stockholder,
35   farmer member, farmer beneficiary, or farmer limited
36   partner shall have ten business days after being given
37   notice of the terms and price of the proposed transfer
38   in which to exercise the right to purchase the
39   interest by submitting a binding offer to the
40   transferor on the same terms as the proposed transfer,
41   with execution of the transfer to occur within thirty
42   days after the offer unless otherwise agreed by the
43   parties.  If more than one farmer stockholder, farmer
44   member, farmer beneficiary, or farmer limited partner
45   exercises the right to purchase the interest, the
46   transferor shall transfer the interest according to
47   terms negotiated between the parties.  After the
48   expiration of either the period for offer or the
49   period for execution without the submission of an
50   offer or an execution, the transferor may sell or

Page 2  

 1   otherwise dispose of the interest to any other person
 2   on the terms upon which it was offered to the farmer
 3   stockholders, farmer members, farmer beneficiaries, or
 4   farmer limited partners.  However, this subsection
 5   shall not apply to a transfer of an interest between
 6   persons related to each other as spouse, parent,
 7   grandparent, lineal ascendants of grandparents or
 8   their spouses and other lineal descendants of the
 9   grandparents or their spouses or persons acting in a
10   fiduciary capacity for persons so related."
11     4.  By renumbering as necessary.
A non-record roll call was requested.
The ayes were 30, nays 39.
Amendment H-3416 lost.
Weigel of Chickasaw offered the following amendment H-3426 filed
by him and moved its adoption:
H-3426
 1     Amend House File 163 as follows:
 2     1.  Page 1, line 2, by striking the word

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

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URL: /DOCS/GA/76GA/Session.1/HJournal/01000/01062.html
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