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House Journal: Page 831: Wednesday, March 26, 1997

Huseman of Cherokee offered the following amendment H-1262 filed
by him and moved its adoption:

H-1262

 1     Amend House File 538 as follows:
 2     1.  Page 1, by striking lines 13 through 25 and
 3   inserting the following:
 4     "Sec. ___.  Section 501.502, subsection 5, Code
 5   1997, is amended to read as follows:
 6     5.  The cooperative shall redeem, without interest,
 7   all of the terminated member's allocated patronage
 8   refunds and preferred stock originally issued as
 9   allocated patronage refunds for the issue price. as
10   follows:
11     a.  A If a terminated member's current equity
is
12   less than two percent of the cooperative's total
13   members' equity, the cooperative shall make this
14   payment either redeem the terminated member's equity
15   within one year after the termination of the
16   membership or redeem the terminated member's equity in
17   annual amounts of not less than twenty percent of the
18   total amount provided that the entire amount must be
19   redeemed within five years after the termination of
20   the membership.  However, if
21     b.  If a terminated member's current equity equals
22   or exceeds two percent of the cooperative's total
23   members' equity, the cooperative shall redeem the
24   terminated member's equity in annual amounts of not
25   less than fifteen percent of the total amount provided
26   that the entire amount must be redeemed within seven
27   years after the termination of the membership."
Amendment H-1262 was adopted.
SENATE FILE 292 SUBSTITUTED FOR HOUSE FILE 538
Huseman of Cherokee asked and received unanimous consent to
substitute Senate File 292 for House File 538.
Senate File 292, a bill for an act relating to cooperative
corporations, by providing for the transfer of stock, the
allocation of patronage dividends upon termination of
membership, and dissolution, was taken up for consideration.
Huseman of Cherokee moved that the bill be read a last time now
and placed upon its passage which motion prevailed and the bill
was read a last time.
On the question "Shall the bill pass?" (S.F. 292)

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

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Last update: Thu Mar 27 13:40:03 CST 1997
URL: /DOCS/GA/77GA/Session.1/HJournal/00800/00831.html
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