Text: S05447 Text: S05449 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 8, by inserting after line 23 the
1 4 following:
1 5 "Sec. ___. NEW SECTION. 10.8A PROCEDURE FOR
1 6 ACQUISITION – MAJORITY VOTE OF THE MEMBERSHIP –
1 7 DISSENT.
1 8 A farmers cooperative association shall not acquire
1 9 agricultural land or acquire an interest in a farmers
1 10 entity under this chapter, unless a resolution
1 11 authorizing the acquisition is adopted by a majority
1 12 vote of the members of the farmers cooperative
1 13 association present or represented having voting
1 14 privileges, at an annual meeting or special meeting of
1 15 the membership, provided that at least ten days' prior
1 16 written notice of the impending membership vote has
1 17 been delivered to all members of the association with
1 18 a copy or summary of the resolution. The notice shall
1 19 be delivered to each member in person or by mail
1 20 directed to each member's address as shown on the
1 21 books of the association. A member may dissent by
1 22 filing a demand within twenty days after the date that
1 23 the resolution was adopted. The farmers cooperative
1 24 association shall pay to the member, upon surrender of
1 25 that member's certificate of membership, the fair
1 26 value of that member's interest as provided in section
1 27 499.66 as if a member were dissenting to a merger or
1 28 consolidation. A member who fails to make demand
1 29 within the twenty-day period is conclusively presumed
1 30 to have consented to the acquisition."
1 31 #2. By renumbering as necessary.
1 32
1 33
1 34
1 35 H. KAY HEDGE
1 36 EUGENE S. FRAISE
1 37 JOHN P. KIBBIE
1 38 DERRYL McLAREN
1 39 TOM VILSACK
1 40 HF 2335.313 77
1 41 da/cf/28
Text: S05447 Text: S05449 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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