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House Amendment 1432

Amendment Text

PAG LIN
  1  1    Amend House File 706 as follows:
  1  2    #1.  Page 1, by inserting before line 1 the
  1  3 following:
  1  4    "Section 1.  Section 9H.1, subsection 1, unnumbered
  1  5 paragraph 1, Code 1997, is amended to read as follows:
  1  6    "Actively engaged in farming" means that a natural
  1  7 person who is a shareholder and an officer, director
  1  8 or employee of the corporation or who is a member or
  1  9 manager of the limited liability company either
  1 10 conducts any of the following activities as part of a
  1 11 farm operation:"
  1 12    #2.  Page 2, by inserting after line 3 the
  1 13 following:
  1 14    "NEW SUBSECTION.  2A.  "Agricultural producer
  1 15 cooperative" means a cooperative organized under
  1 16 chapter 499 or 501, if all of the following apply:
  1 17    a.  The cooperative is formed to carry out the
  1 18 purposes of an agricultural association as provided in
  1 19 section 499.2.
  1 20    b.  Seventy-five percent of the cooperative's
  1 21 voting membership is held by natural persons who are
  1 22 either actively engaged in farming or are landlords
  1 23 who receive a share of agricultural products as rent."
  1 24    #3.  Page 2, line 4, by striking the figure "2A."
  1 25 and inserting the following:  "2B.".
  1 26    #4.  Page 2, by striking lines 17 through 19 and
  1 27 inserting the following:
  1 28    "b.  The stockholders are limited to natural
  1 29 persons, persons acting in a fiduciary capacity for
  1 30 the benefit of natural persons, or agricultural
  1 31 producer cooperatives."
  1 32    #5.  Page 2, by striking lines 29 and 30 and
  1 33 inserting the following:
  1 34    "b.  The members are limited to natural persons,
  1 35 persons acting in a fiduciary capacity for the benefit
  1 36 of natural persons, or agricultural producer
  1 37 cooperatives."
  1 38    #6.  Page 3, by striking lines 5 through 7 and
  1 39 inserting the following:
  1 40    "b.  The general partner is a natural person and
  1 41 the limited partners are limited to natural persons,
  1 42 persons acting in a fiduciary capacity for the benefit
  1 43 of natural persons, or agricultural producer
  1 44 cooperatives."
  1 45    #7.  Page 3, by striking lines 17 through 20 and
  1 46 inserting the following:
  1 47    "b.  The beneficiaries are limited to natural
  1 48 persons, persons acting in a fiduciary capacity for
  1 49 the benefit of natural persons, or agricultural
  1 50 producer cooperatives, if no beneficiary is acting as
  2  1 a trustee or in a similar capacity for the trust."
  2  2    #8.  Page 3, line 28, by striking the word "or".
  2  3    #9.  Page 3, line 29, by inserting after the word
  2  4 "trust" the following:  ", or an agricultural producer
  2  5 cooperative".
  2  6    #10.  Page 5, by inserting after line 21 the
  2  7 following:
  2  8    "(__)  A member of an agricultural producer
  2  9 cooperative who owns more than three percent of the
  2 10 total outstanding allocated members' equity of the
  2 11 cooperative." 
  2 12 
  2 13 
  2 14                               
  2 15 MUNDIE of Webster
  2 16 HF 706.705 77
  2 17 da/sc/28
     
Text: H01431                            Text: H01433
Text: H01400 - H01499                   Text: H Index
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