Text: S05446 Text: S05448 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 7 and 8, and
1 4 inserting the following:
1 5 "___. "Actively engaged in farming" means that a
1 6 natural person, including a shareholder or an officer,
1 7 director, or employee of a corporation, or a member or
1 8 manager of a limited liability company, does any of
1 9 the following:
1 10 a. Inspects the production activities periodically
1 11 and furnishes at least half of the value of the tools
1 12 used for production and pays at least half the direct
1 13 cost of production.
1 14 b. Regularly and frequently makes or takes an
1 15 important part in making management decisions
1 16 substantially contributing to or affecting the success
1 17 of the farm operation.
1 18 c. Performs physical work which significantly
1 19 contributes to crop or livestock production."
1 20 #2. Page 1, by inserting after line 14, the
1 21 following:
1 22 "___. "Commodity share landlord" means a natural
1 23 person or a general partnership as provided in chapter
1 24 486 in which all partners are natural persons, which
1 25 owns at least one hundred fifty acres of agricultural
1 26 land and all of the following apply:
1 27 a. The owner receives rent on a commodity share
1 28 basis, which may be either a share of the crops or
1 29 livestock produced on the land.
1 30 b. The owner was actively engaged in farming the
1 31 land or a family member of the owner is or was
1 32 actively engaged in farming the land, if the family
1 33 member is related to the owner as a spouse, parent,
1 34 grandparent, lineal ascendant of a grandparent or
1 35 spouse, or other lineal descendant of a grandparent or
1 36 spouse."
1 37 #3. Page 1, by striking lines 27 through 29, and
1 38 inserting the following:
1 39 "___. "Farmers cooperative association" means a
1 40 cooperative association organized under chapter 490 or
1 41 499, if qualified persons hold at least a seventy
1 42 percent equity interest in the association, including
1 43 seventy percent of all issued shares of the
1 44 cooperative association. If more than one class of
1 45 shares is authorized, qualified persons must hold at
1 46 least seventy percent of all issued shares in each
1 47 class. As used in this subsection, "issued shares"
1 48 includes but is not limited to common stock or
1 49 preferred stock, or each class of common stock or
1 50 preferred stock, regardless of voting rights or a
2 1 right to receive dividends or earning distributions.
2 2 A security such as a warrant or option that may be
2 3 converted to stock shall be considered as issued
2 4 shares."
2 5 #4. By striking page 1, line 31, through page 2,
2 6 line 1, and inserting the following: "limited
2 7 liability company if cooperative associations hold at
2 8 least one hundred percent of all membership interests
2 9 in the limited liability company. If more than one
2 10 type of membership interest is established, including
2 11 any series as provided in section 490A.305 or any
2 12 class or group as provided in section 490A.307,
2 13 cooperative associations must hold at least one
2 14 hundred percent of all membership interests of that
2 15 type. However, at least fifty-one percent of the
2 16 voting membership interest, including in each type of
2 17 membership type, must be held by farmers cooperative
2 18 associations."
2 19 #5. Page 2, by striking lines 14 through 17, and
2 20 inserting the following:
2 21 "a. All of the following apply:
2 22 (1) Qualified farmers must hold at least fifty-one
2 23 percent of all issued shares of the corporation. If
2 24 more than one class of shares is authorized, qualified
2 25 farmers must hold at least fifty-one percent of all
2 26 issued shares in each class.
2 27 (2) Qualified persons must hold at least seventy
2 28 percent of all issued shares of the corporation. If
2 29 more than one class of shares is authorized, qualified
2 30 persons must hold at least seventy percent of all
2 31 issued shares in each class.
2 32 b. As used in paragraph "a", "issued shares"
2 33 includes but is not limited to common stock or
2 34 preferred stock, or each class of common stock or
2 35 preferred stock, regardless of voting rights or a
2 36 right to receive dividends or earning distributions.
2 37 A security such as a warrant or option that may be
2 38 converted to stock shall be considered as issued
2 39 shares."
2 40 #6. Page 2, by striking lines 24 through 28 and
2 41 inserting the following:
2 42 "a. Qualified farmers must hold at least fifty-one
2 43 percent of all membership interests in the limited
2 44 liability company. If more than one type of
2 45 membership interest is established, including any
2 46 series as provided in section 490A.305 or any class or
2 47 group as provided in section 490A.307, qualified
2 48 farmers must hold at least fifty-one percent of all
2 49 membership interests of that type.
2 50 b. Qualified persons must hold at least seventy
3 1 percent of all membership interests in the limited
3 2 liability company. If more than one type of
3 3 membership interest is established, including any
3 4 series as provided in section 490A.305 or any class or
3 5 group as provided in section 490A.307, qualified
3 6 persons must hold at least seventy percent of all
3 7 membership interests of that type.
3 8 ___. "Operation of law" means a transfer by
3 9 inheritance, devise, or bequest, court order,
3 10 dissolution decree, order in bankruptcy, insolvency,
3 11 replevin, foreclosure, execution sale, the execution
3 12 of a judgment, the foreclosure of a real estate
3 13 mortgage, the forfeiture of a real estate contract, or
3 14 a transfer resulting from a decree for specific
3 15 performance."
3 16 #7. Page 2, line 29, by striking the word "person"
3 17 and inserting the following: "farmer".
3 18 #8. By striking page 2, line 34, through page 3,
3 19 line 5, and inserting the following:
3 20 "___. A farm estate.
3 21 ___. "Qualified person" means a person who is any
3 22 of the following:
3 23 a. A qualified farmer.
3 24 b. A family farm entity.
3 25 c. A commodity share renter."
3 26 #9. Page 3, lines 27 and 28, by striking the words
3 27 "one thousand five hundred" and inserting the
3 28 following: "six hundred forty".
3 29 #10. Page 3, lines 34 and 35, by striking the
3 30 words "a ten percent or greater" and inserting the
3 31 following: "an".
3 32 #11. Page 4, by striking lines 20 through 22, and
3 33 inserting the following: "networking farmers
3 34 corporation by operation of law, the corporation may
3 35 disregard the transfer for".
3 36 #12. Page 5, by inserting after line 4 the
3 37 following:
3 38 "___. A commodity share landlord who owns an
3 39 interest in a networking farmers corporation must rent
3 40 an additional one hundred fifty acres of agricultural
3 41 land on a commodity share basis for each farmers
3 42 entity in which the commodity share landlord acquires
3 43 an interest."
3 44 #13. Page 5, lines 13 and 14, by striking the
3 45 words "one thousand five hundred" and inserting the
3 46 following: "six hundred forty".
3 47 #14. Page 5, line 21, by striking the words "a ten
3 48 percent or greater" and inserting the following:
3 49 "an".
3 50 #15. Page 6, by striking lines 8 and 9, and
4 1 inserting the following: "law, the networking farmers
4 2 limited".
4 3 #16. Page 6, by inserting after line 27 the
4 4 following:
4 5 "___. A commodity share landlord who owns an
4 6 interest in a networking farmers limited liability
4 7 company must rent an additional one hundred fifty
4 8 acres of agricultural land on a commodity share basis
4 9 for each farmers entity in which the commodity share
4 10 landlord acquires an interest."
4 11 #17. Page 7, lines 18 and 19, by striking the
4 12 words "a ten percent or greater" and inserting the
4 13 following: "an".
4 14 #18. Page 8, by striking lines 4 through 6, and
4 15 inserting the following: "cooperative association by
4 16 operation of law, the association may disregard the
4 17 transfer for".
4 18 #19. Page 8, by inserting after line 23 the
4 19 following:
4 20 "___. A commodity share landlord who owns an
4 21 interest in a farmers cooperative association must
4 22 rent an additional one hundred fifty acres of
4 23 agricultural land on a commodity share basis for each
4 24 farmers entity in which the commodity share landlord
4 25 acquires an interest."
4 26 #20. Page 10, by striking lines 5 and 6, and
4 27 inserting the following: "law, the networking farmers
4 28 cooperative limited liability".
4 29 #21. Page 15, by striking lines 9 through 13.
4 30 #22. Page 15, by striking lines 25 and 26.
4 31 #23. By renumbering as necessary.
4 32
4 33
4 34
4 35 TOM VILSACK
4 36 HF 2335.502 77
4 37 da/jw/28
Text: S05446 Text: S05448 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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