Text: S05495 Text: S05497 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. For purposes of this subsection, a person who
2 5 was a qualified person within the last ten years shall
2 6 be treated as a qualified person."
2 7 #4. By striking page 1, line 31, through page 2,
2 8 line 1, and inserting the following: "limited
2 9 liability company if farmers cooperative associations
2 10 hold one hundred percent of all membership interests
2 11 in the limited liability company. If more than one
2 12 type of membership interest is established, including
2 13 any series as provided in section 490A.305 or any
2 14 class or group as provided in section 490A.307,
2 15 farmers cooperative associations must hold at least
2 16 one hundred percent of all membership interests of
2 17 that type."
2 18 #5. Page 2, by striking lines 14 through 17, and
2 19 inserting the following:
2 20 "a. All of the following apply:
2 21 (1) Qualified farmers must hold at least fifty-one
2 22 percent of all issued shares of the corporation. If
2 23 more than one class of shares is authorized, qualified
2 24 farmers must hold at least fifty-one percent of all
2 25 issued shares in each class.
2 26 (2) Qualified persons must hold at least seventy
2 27 percent of all issued shares of the corporation. If
2 28 more than one class of shares is authorized, qualified
2 29 persons must hold at least seventy percent of all
2 30 issued shares in each class.
2 31 b. As used in paragraph "a", "issued shares"
2 32 includes but is not limited to common stock or
2 33 preferred stock, or each class of common stock or
2 34 preferred stock, regardless of voting rights or a
2 35 right to receive dividends or earning distributions.
2 36 A security such as a warrant or option that may be
2 37 converted to stock shall be considered as issued
2 38 shares."
2 39 #6. Page 2, by striking lines 24 through 28 and
2 40 inserting the following:
2 41 "a. Qualified farmers must hold at least fifty-one
2 42 percent of all membership interests in the limited
2 43 liability company. If more than one type of
2 44 membership interest is established, including any
2 45 series as provided in section 490A.305 or any class or
2 46 group as provided in section 490A.307, qualified
2 47 farmers must hold at least fifty-one percent of all
2 48 membership interests of that type.
2 49 b. Qualified persons must hold at least seventy
2 50 percent of all membership interests in the limited
3 1 liability company. If more than one type of
3 2 membership interest is established, including any
3 3 series as provided in section 490A.305 or any class or
3 4 group as provided in section 490A.307, qualified
3 5 persons must hold at least seventy percent of all
3 6 membership interests of that type.
3 7 ___. "Operation of law" means a transfer by
3 8 inheritance, devise, or bequest, court order,
3 9 dissolution decree, order in bankruptcy, insolvency,
3 10 replevin, foreclosure, execution sale, the execution
3 11 of a judgment, the foreclosure of a real estate
3 12 mortgage, the forfeiture of a real estate contract, or
3 13 a transfer resulting from a decree for specific
3 14 performance."
3 15 #7. Page 2, line 29, by striking the word "person"
3 16 and inserting the following: "farmer".
3 17 #8. By striking page 2, line 34, through page 3,
3 18 line 5, and inserting the following:
3 19 "___. A farm estate.
3 20 ___. "Qualified person" means a person who is any
3 21 of the following:
3 22 a. A qualified farmer.
3 23 b. A family farm entity.
3 24 c. A commodity share renter."
3 25 #9. Page 3, lines 27 and 28, by striking the words
3 26 "one thousand five hundred" and inserting the
3 27 following: "six hundred forty".
3 28 #10. Page 3, lines 34 and 35, by striking the
3 29 words "a ten percent or greater" and inserting the
3 30 following: "an".
3 31 #11. Page 4, line 9, by inserting before the word
3 32 "cooperative" the following: "farmers".
3 33 #12. Page 4, line 13, by striking the words "one
3 34 thousand five hundred" and inserting the following:
3 35 "six hundred forty".
3 36 #13. Page 4, by striking lines 20 through 22, and
3 37 inserting the following: "networking farmers
3 38 corporation by operation of law, the corporation may
3 39 disregard the transfer for".
3 40 #14. Page 5, by inserting after line 4 the
3 41 following:
3 42 "___. A commodity share landlord who owns an
3 43 interest in a networking farmers corporation holding
3 44 agricultural land under section 10.3 must rent an
3 45 additional one hundred fifty acres of agricultural
3 46 land on a commodity share basis for each farmers
3 47 entity holding agricultural land under this chapter in
3 48 which the commodity share landlord acquires an
3 49 interest."
3 50 #15. Page 5, lines 13 and 14, by striking the
4 1 words "one thousand five hundred" and inserting the
4 2 following: "six hundred forty".
4 3 #16. Page 5, line 21, by striking the words "a ten
4 4 percent or greater" and inserting the following:
4 5 "an".
4 6 #17. Page 5, line 31, by inserting before the word
4 7 "cooperative" the following: "farmers".
4 8 #18. Page 5, line 35, by striking the words "one
4 9 thousand five hundred" and inserting the following:
4 10 "six hundred forty".
4 11 #19. Page 6, by striking lines 8 and 9, and
4 12 inserting the following: "law, the networking farmers
4 13 limited".
4 14 #20. Page 6, by inserting after line 27 the
4 15 following:
4 16 "___. A commodity share landlord who owns an
4 17 interest in a networking farmers limited liability
4 18 company holding agricultural land under section 10.5
4 19 must rent an additional one hundred fifty acres of
4 20 agricultural land on a commodity share basis for each
4 21 farmers entity holding agricultural land under this
4 22 chapter in which the commodity share landlord acquires
4 23 an interest."
4 24 #21. Page 7, lines 18 and 19, by striking the
4 25 words "a ten percent or greater" and inserting the
4 26 following: "an".
4 27 #22. Page 7, line 28, by inserting before the word
4 28 "cooperative" the following: "farmers".
4 29 #23. Page 7, line 32, by striking the words "one
4 30 thousand five hundred" and inserting the following:
4 31 "six hundred forty".
4 32 #24. Page 8, by striking lines 4 through 6, and
4 33 inserting the following: "cooperative association by
4 34 operation of law, the association may disregard the
4 35 transfer for".
4 36 #25. Page 8, by inserting after line 23 the
4 37 following:
4 38 "___. A commodity share landlord who owns an
4 39 interest in a farmers cooperative association holding
4 40 agricultural land under section 10.7 must rent an
4 41 additional one hundred fifty acres of agricultural
4 42 land on a commodity share basis for each farmers
4 43 entity holding agricultural land under this chapter in
4 44 which the commodity share landlord acquires an
4 45 interest."
4 46 #26. Page 9, line 27, by inserting before the word
4 47 "cooperative" the following: "farmers".
4 48 #27. Page 9, line 31, by striking the words "one
4 49 thousand five hundred" and inserting the following:
4 50 "six hundred forty".
5 1 #28. Page 10, by striking lines 5 and 6, and
5 2 inserting the following: "law, the networking farmers
5 3 cooperative limited liability".
5 4 #29. Page 10, line 18, by striking the figure
5 5 "10.13" and inserting the following: "10.12".
5 6 #30. Page 10, line 32, by striking the figure
5 7 "10.13" and inserting the following: "10.12".
5 8 #31. Page 14, line 16, by striking the words "ten
5 9 percent or less of" and inserting the following:
5 10 "less than a ten percent interest in".
5 11 #32. Page 15, by striking lines 9 through 13.
5 12 #33. Page 15, by striking lines 25 and 26.
5 13 #34. By renumbering as necessary.
5 14
5 15
5 16
5 17 TOM VILSACK
5 18 HF 2335.713 77
5 19 da/sc/28
Text: S05495 Text: S05497 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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