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Senate Study Bill 29

Bill Text

PAG LIN
  1  1    Section 1.  Section 499.68, unnumbered paragraph 1, Code
  1  2 1997, is amended to read as follows:
  1  3    Upon the issuance of A merger or consolidation shall become
  1  4 effective upon the date that the certificate of merger or the
  1  5 certificate of consolidation is issued by the secretary of
  1  6 state, the merger or consolidation shall become effective or
  1  7 the effective date specified in the articles of merger or
  1  8 articles of consolidation, whichever is later.  
  1  9                           EXPLANATION
  1 10    This bill amends Code chapter 499 which applies to
  1 11 cooperative associations.  The bill specifically amends a
  1 12 provision governing the merger or consolidation of cooperative
  1 13 associations.  Iowa Code section 499.67 provides that the
  1 14 secretary of state must issue a certificate of merger or a
  1 15 certificate of consolidation upon the filing of the articles
  1 16 of merger or the articles of consolidation.  Iowa Code section
  1 17 499.68 currently provides that the merger or the consolidation
  1 18 becomes effective upon the issuance of the certificate.  This
  1 19 bill provides that a different effective date of the merger or
  1 20 consolidation may be specified in the articles of merger or
  1 21 articles of consolidation if that date is later than the date
  1 22 of issuance.  
  1 23 LSB 1444SC 77
  1 24 da/jj/8
     
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