Text: S05419 Text: S05421 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 2335, as amended, passed, and
1 2 reprinted by the House, as follows:
1 3 #1. Page 1, by striking lines 34 and 35, and
1 4 inserting the following:
1 5 "b. At least seventy percent of the membership
1 6 interest and seventy percent of the voting membership
1 7 interest is held by farmers cooperative".
1 8 #2. Page 2, by inserting after line 6, the
1 9 following:
1 10 "__. "Intra-company loan agreement" means an
1 11 agreement involving a loan, if the parties to the
1 12 agreement are members of the same farmers cooperative
1 13 limited liability company, and according to the terms
1 14 of the loan a member which is a regional cooperative
1 15 association directly or indirectly loans money to a
1 16 member which is a farmers cooperative association, on
1 17 condition that the money, including any interest, must
1 18 be repaid by the member which is a farmers cooperative
1 19 association to the regional cooperative association or
1 20 another person. A loan agreement does not include an
1 21 operating loan agreement, in which all of the
1 22 following apply:
1 23 a. The money is required to be repaid within one
1 24 year from the date that the farmers cooperative
1 25 association receives the money, and the money is
1 26 actually repaid by that date.
1 27 b. The money is used to pay for reasonable and
1 28 ordinary expenses of the farmers cooperative
1 29 association in conducting its affairs."
1 30 #3. Page 3, by inserting before line 6 the
1 31 following:
1 32 "___. "Regional cooperative association" means a
1 33 cooperative association other than a farmers
1 34 cooperative association."
1 35 #4. Page 9, by inserting after line 13, the
1 36 following:
1 37 "c. Less than fifty percent of the interest in the
1 38 farmers cooperative limited liability company is held
1 39 by members who are parties to intra-company loan
1 40 agreements."
1 41 #5. By renumbering as necessary.
1 42
1 43
1 44
1 45 WILMER RENSINK
1 46 HF 2335.705 77
1 47 da/sc/28
Text: S05419 Text: S05421 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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