Text: H01526 Text: H01528 Text: H01500 - H01599 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 706 as follows:
1 2 #1. Page 2, by inserting after line 11 the
1 3 following:
1 4 "NEW SUBSECTION. 10A. "Farmer" means a person who
1 5 is one of the following:
1 6 a. A person who regularly participates in physical
1 7 labor or the day-to-day management of a farming
1 8 operation and who files a schedule F as part of the
1 9 person's annual form 1040 filing with the United
1 10 States internal revenue service.
1 11 b. A person who qualified under paragraph "a" for
1 12 twenty or more years in the past."
1 13 #2. Page 5, by inserting before line 9 the
1 14 following:
1 15 "If a person who holds an interest in an authorized
1 16 entity or network entity proposes to transfer an
1 17 interest in the authorized or network entity to a
1 18 person other than a farmer holding an interest in the
1 19 entity, the transferor must first offer to sell or
1 20 dispose of the interest to each of the farmers holding
1 21 an interest in the entity on the same terms and at the
1 22 same price as proposed to the person who is not a
1 23 farmer holding an interest in the entity. Each farmer
1 24 holding an interest in the entity shall have ten
1 25 business days after being given notice of the terms
1 26 and price of the proposed transfer in which to
1 27 exercise the right to purchase the interest by
1 28 submitting a binding offer to the transferor on the
1 29 same terms as the proposed transfer, with execution of
1 30 the transfer to occur within thirty days after the
1 31 offer unless otherwise agreed by the parties. If more
1 32 than one farmer holding an interest in the entity
1 33 exercises the right to purchase the interest, the
1 34 transferor shall transfer the interest according to
1 35 terms negotiated between the parties. After the
1 36 expiration of either the period for offer or the
1 37 period for execution without the submission of an
1 38 offer or an execution, the transferor may sell or
1 39 otherwise dispose of the interest to any other person
1 40 on the terms upon which it was offered to the farmers
1 41 holding interests in the entity. However, this
1 42 paragraph shall not apply to a transfer of an interest
1 43 between persons related to each other as spouse,
1 44 parent, grandparent, lineal ascendants of grandparents
1 45 or their spouses and other lineal descendants of the
1 46 grandparents or their spouses or persons acting in a
1 47 fiduciary capacity for persons so related."
1 48 #3. By renumbering as necessary.
1 49
1 50
2 1
2 2 WEIGEL of Chickasaw
2 3 HF 706.512 77
2 4 da/jw/28
Text: H01526 Text: H01528 Text: H01500 - H01599 Text: H Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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