House Journal: Page 1429: Thursday, April 9, 1998

 9     4.  By striking page 1, line 31, through page 2,
10   line 1, and inserting the following:  "limited
11   liability company organized under chapter 490A, if
12   cooperative associations hold one hundred percent of
13   all membership interests in the limited liability
14   company.  Farmers cooperative associations must hold
15   at least seventy percent of all membership interests
16   in the limited liability company.  If more than one
17   type of membership interest is established, including
18   any series as provided in section 490A.305 or any
19   class or group as provided in section 490A.307,
20   farmers cooperative associations must hold at least
21   seventy percent of all membership interests of that
22   type."
23     5.  Page 2, by inserting after line 6 the
24   following:
25     "__.  "Intra-company loan agreement" means an
26   agreement involving a loan, if the parties to the
27   agreement are members of the same farmers cooperative
28   limited liability company, and according to the terms
29   of the loan a member which is a regional cooperative
30   association directly or indirectly loans money to a
31   member which is a farmers cooperative association, on
32   condition that the money, including any interest, must
33   be repaid by the member which is a farmers cooperative
34   association to the regional cooperative association or
35   another person.  A loan agreement does not include an
36   operating loan agreement, in which all of the
37   following apply:
38	a.  The money is required to be repaid within
39   ninety days from the date that the farmers cooperative
40   association receives the money, and the money is
41   actually repaid by that date.
42	b.  The money is used to pay for reasonable and
43   ordinary expenses of the farmers cooperative
44   association in conducting its affairs."
45     6.  Page 2, by striking lines 14 through 17 and
46   inserting the following:
47     "a.  All of the following apply:
48     (1)  Qualified farmers must hold at least fifty-one
49   percent of all issued shares of the corporation.  If
50   more than one class of shares is authorized, qualified

Page 3

 1   farmers must hold at least fifty-one percent of all
 2   issued shares in each class.
 3     (2)  Qualified persons must hold at least seventy
 4   percent of all issued shares of the corporation.  If
 5   more than one class of shares is authorized, qualified
 6   persons must hold at least seventy percent of all
 7   issued shares in each class.
 8	b.  As used in paragraph "a", "issued shares"

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