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House Amendment 1262

Amendment Text

PAG LIN
  1  1    Amend House File 538 as follows:
  1  2    #1.  Page 1, by striking lines 13 through 25 and
  1  3 inserting the following:
  1  4    "Sec.    .  Section 501.502, subsection 5, Code
  1  5 1997, is amended to read as follows:
  1  6    5.  The cooperative shall redeem, without interest,
  1  7 all of the terminated member's allocated patronage
  1  8 refunds and preferred stock originally issued as
  1  9 allocated patronage refunds for the issue price. as
  1 10 follows:
  1 11    a.  A If a terminated member's current equity is
  1 12 less than two percent of the cooperative's total
  1 13 members' equity, the cooperative shall make this
  1 14 payment either redeem the terminated member's equity
  1 15 within one year after the termination of the
  1 16 membership or redeem the terminated member's equity in
  1 17 annual amounts of not less than twenty percent of the
  1 18 total amount provided that the entire amount must be
  1 19 redeemed within five years after the termination of
  1 20 the membership.  However, if
  1 21    b.  If a terminated member's current equity equals
  1 22 or exceeds two percent of the cooperative's total
  1 23 members' equity, the cooperative shall redeem the
  1 24 terminated member's equity in annual amounts of not
  1 25 less than fifteen percent of the total amount provided
  1 26 that the entire amount must be redeemed within seven
  1 27 years after the termination of the membership." 
  1 28 
  1 29 
  1 30                               
  1 31 HUSEMAN of Cherokee
  1 32 HF 538.201 77
  1 33 da/jj/28
     

Text: H01261                            Text: H01263
Text: H01200 - H01299                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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