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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