Text: S05477 Text: S05479 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. 10.8B DISSENTING MEMBERS 1 6 AND SHAREHOLDERS. 1 7 If a farmers cooperative association is acquiring 1 8 agricultural land or acquiring an interest in a 1 9 farmers entity, the farmers cooperative association 1 10 shall notify its members prior to the acquisition. 1 11 The notice shall state the date that the farmers 1 12 cooperative association will acquire the agricultural 1 13 land or an interest in a farmers entity. The notice 1 14 shall be delivered to each member in person or by mail 1 15 directed to each member's address as shown on the 1 16 books of the farmers cooperative association. A 1 17 member of the farmers cooperative association may 1 18 dissent, by filing a demand with the board of 1 19 directors of the farmers cooperative association 1 20 within twenty days after the date of acquisition as 1 21 provided in the notice. The farmers cooperative 1 22 association shall pay to the member, upon surrender of 1 23 that person's certificate of membership, the fair 1 24 value of that member's interest as provided in section 1 25 499.66 as if a member were dissenting to a merger or 1 26 consolidation. The farmers cooperative association is 1 27 not required to honor a demand if the farmers 1 28 cooperative association does not acquire the 1 29 agricultural land or an interest in the farmers 1 30 entity. A member who fails to make demand within the 1 31 twenty-day period is conclusively presumed to have 1 32 consented to the acquisition." 1 33 #2. By renumbering as necessary. 1 34 1 35 1 36 1 37 DERRYL McLAREN 1 38 H. KAY HEDGE 1 39 JOHN P. KIBBIE 1 40 EUGENE S. FRAISE 1 41 HF 2335.316 77 1 42 da/cf/28
Text: S05477 Text: S05479 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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