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House Journal: Page 1433: Thursday, April 9, 1998

 9   cooperative association reserves the right to acquire
10   agricultural land or an interest in a farmers entity
11   under this chapter.
12	b.  A description of a planned acquisition, if any,
13   including the location of agricultural land planned to
14   be acquired, the identity of any farmers entity in
15   which the farmers cooperative association plans to
16   acquire an interest, and the nature of any farming
17   operation which is planned to occur on land acquired
18   by the farmers cooperative association or conducted by
19   the farmers entity.
20	c.  The date that the resolution was adopted and
21   the date that it will take effect.
22     2.  Within five days following the date that the
23   resolution authorizing the farmers cooperative
24   association to acquire an interest in agricultural
25   land or acquire an interest in a farmers entity is
26   adopted, the farmers cooperative association must
27   provide notice of the resolution as provided in this
28   section.  The notice shall be in the following form:
29                                      NOTICE
30    MEMBERS OF THE (INSERT NAME OF THE FARMERS
31                     COOPERATIVE ASSOCIATION)
32     THE (INSERT NAME OF THE FARMERS COOPERATIVE
33	ASSOCIATION) IS PLANNING ON ACQUIRING AN INTEREST IN
34	AGRICULTURAL LAND WHICH MAY BE USED FOR FARMING OR
35	ACQUIRING AN INTEREST IN A BUSINESS THAT OWNS
36	AGRICULTURAL LAND THAT MAY BE USED FOR FARMING.  UNDER
37	IOWA CODE CHAPTER 10, THE (INSERT NAME OF THE FARMERS
38	COOPERATIVE ASSOCIATION) IS A FARMERS COOPERATIVE
39	ASSOCIATION.  WITHIN A LIMITED TIME PERIOD:  (1)
40	VOTING MEMBERS MAY PETITION A FARMERS COOPERATIVE
41	ASSOCIATION TO REQUIRE A MEMBERSHIP VOTE TO APPROVE
42	THE ACQUISITION; AND (2) ALL HOLDERS OF MEMBERS'
43	EQUITY MAY DEMAND PAYMENT OF THE FAIR VALUE OF THEIR
44	INTERESTS.
45	a.  The notice must be published in a newspaper
46   having a general circulation in the county where the
47   farmers cooperative association is located as provided
48   in section 618.3. The notice shall be printed as
49   provided in section 618.17.
50	b.  The notice shall be delivered to all holders of

Page 7

 1   members' equity in the farmers cooperative
 2   association, including members and shareholders, by
 3   mailing the notice to the holder's last known address
 4   as shown on the books of the farmers cooperative
 5   association.  The notice shall be accompanied by a
 6   copy of the resolution adopted by the board pursuant
 7   to this section, and a copy of this section.
 8     3.  Within thirty days following the date that the

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URL: /DOCS/GA/77GA/Session.2/HJournal/01400/01433.html
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