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House Journal: Page 1428: Thursday, April 9, 1998

 9   the following:
10	a.  Inspects the production activities periodically
11   and furnishes at least half of the value of the tools
12   used for crop or livestock production and pays at
13   least half the direct cost of crop or livestock
14   production.
15	b.  Regularly and frequently makes or takes an
16   important part in making management decisions
17   substantially contributing to or affecting the success
18   of the farm operation.
19	c.  Performs physical work which significantly
20   contributes to crop or livestock production."
21     2.  Page 1, by inserting after line 14 the
22   following:
23     "___.  "Commodity share landlord" means a natural
24   person or a general partnership as provided in chapter
25   486 in which all partners are natural persons, who
26   owns at least one hundred fifty acres of agricultural
27   land, if the owner receives rent on a commodity share
28   basis, which may be either a share of the crops or
29   livestock produced on the land."
30     3.  Page 1, by striking lines 27 through 29 and
31   inserting the following:
32     "___.  "Farmers cooperative association" means a
33   cooperative association organized under chapter 490 or
34   499, if all of the following conditions are satisfied:
35	a.  All of the following apply:
36	(1)  Qualified farmers must hold at least a fifty-
37   one percent equity interest in the cooperative
38   association, including fifty-one percent of each class
39   of members' equity.
40	(2)  The following persons must hold at least a
41   seventy percent equity interest in the cooperative
42   association, including seventy percent of each class
43   of members' equity:
44	(a)	A qualified farmer.
45	(b)	A family farm entity.
46	(c)	A commodity share landlord.
47	b.  As used in this subsection, "members' equity"
48   includes but is not limited to issued shares,
49   including common stock or preferred stock, regardless
50   of a right to receive dividends or earning

Page 2  

 1   distributions.  However, "members' equity" does not
 2   include nonvoting common stock or nonvoting membership
 3   interests.  A security such as a warrant or option
 4   that may be converted to voting stock shall be
 5   considered as issued shares.
 6	c.  For purposes of this subsection, a person who
 7   was a qualified person within the last ten years shall
 8   be treated as a qualified person."

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