Text: S03131                            Text: S03133
Text: S03100 - S03199                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 3132

Amendment Text

PAG LIN
  1  1    Amend Senate File 292 as follows:
  1  2    #1.  Page 1, by striking lines 13 through 21 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 DERRYL McLAREN
  1 32 JOHN P. KIBBIE
  1 33 WILMER RENSINK
  1 34 SF 292.501 77
  1 35 da/jw/28
     

Text: S03131                            Text: S03133
Text: S03100 - S03199                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Iowa General Assembly

Search: Senate Bills and Amendments (77th General Assembly)

© 1997 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Tue Mar 18 03:41:43 CST 1997
URL: /DOCS/GA/77GA/Legislation/S/03100/S03132/970317.html
jhf