House Journal: Page 1430: Thursday, April 9, 1998

 9   includes but is not limited to common stock or
10   preferred stock, or each class of common stock or
11   preferred stock, regardless of voting rights or a
12   right to receive dividends or earning distributions.
13   A security such as a warrant or option that may be
14   converted to stock shall be considered as issued
15   shares."
16     7.  Page 2, by striking lines 24 through 28 and
17   inserting the following:
18	"a.  Qualified farmers must hold at least fifty-one
19   percent of all membership interests in the limited
20   liability company.  If more than one type of
21   membership interest is established, including any
22   series as provided in section 490A.305 or any class or
23   group as provided in section 490A.307, qualified
24   farmers must hold at least fifty-one percent of all
25   membership interests of that type.
26	b.  Qualified persons must hold at least seventy
27   percent of all membership interests in the limited
28   liability company.  If more than one type of
29   membership interest is established, including any
30   series as provided in section 490A.305 or any class or
31   group as provided in section 490A.307, qualified
32   persons must hold at least seventy percent of all
33   membership interests of that type.
34     ___.  "Operation of law" means a transfer by
35   inheritance, devise, or bequest, court order,
36   dissolution decree, order in bankruptcy, insolvency,
37   replevin, foreclosure, execution sale, the execution
38   of a judgment, the foreclosure of a real estate
39   mortgage, the forfeiture of a real estate contract, or
40   a transfer resulting from a decree for specific
41   performance."
42     8.  Page 2, line 29, by striking the word "person"
43   and inserting the following:  "farmer".
44     9.  By striking page 2, line 34, through page 3,
45   line 5, and inserting the following:
46     "___.  A farm estate.
47     ___.  "Qualified commodity share landlord" means a
48   commodity share landlord, if the owner of the
49   agricultural land was actively engaged in farming the
50   land or a family member of the owner is or was

Page 4

 1   actively engaged in farming the land, if the family
 2   member is related to the owner as a spouse, parent,
 3   grandparent, lineal ascendant of a grandparent or
 4   spouse, or other lineal descendant of a grandparent or
 5   spouse.
 6     ___.  "Qualified person" means a person who is any
 7   of the following:
 8	a.	A qualified farmer.

© 1998 Cornell College and League of Women Voters of Iowa

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