This file contains UNDERSCORE. If you cannot see the UNDERSCORE attribute or would like to change how this attribute is displayed, please use the following form to make the desired change.

House Journal: Page 1434: Thursday, April 9, 1998

 9   resolution authorizing the farmers cooperative
10   association to acquire an interest in agricultural
11   land or acquire an interest in a farmers entity is
12   adopted, at least twenty percent of the voting members
13   of the farmers cooperative association may file a
14   petition with the board of directors demanding a
15   referendum under this subsection.
16	a.  If a valid petition is filed, the board of
17   directors shall call a special referendum of voting
18   members at a regular or special meeting, as provided
19   in section 499.27.  The filing of the petition
20   suspends the effectiveness of the resolution until a
21   referendum is conducted as provided in this
22   subsection.
23	b.  The resolution shall not become effective as
24   otherwise provided in this section, until the
25   resolution is approved by a majority vote of the
26   voting members of the farmers cooperative association
27   casting ballots at the meeting to conduct the
28   referendum.
29     4.  a.  Within thirty days following the date that
30   the resolution authorizing the farmers cooperative
31   association to acquire an interest in agricultural
32   land or acquire an interest in a farmers entity is
33   adopted, a holder of members' equity, including a
34   member or shareholder, may dissent to an acquisition
35   as expressed in the resolution adopted by the board of
36   directors under this section.
37	b.  The holder of members' equity shall dissent by
38   filing a demand with the board of directors.  The
39   farmers cooperative association shall pay the holder
40   the fair value of that holder's interest as if the
41   holder were a member dissenting to a merger or
42   consolidation, as provided in section 499.66, upon
43   surrender of the holder's evidence of equity in the
44   farmers cooperative association, including a
45   certificate of membership or shares.
46	c.  The farmers cooperative association is not
47   required to pay the holder of members' equity the fair
48   value of that holder's interest as provided in this
49   subsection, if the resolution provided for in this
50   section does not become effective."

Page 8

 1     31.  Page 8, line 35, by striking the words "grain
 2   or" and inserting the following:  "forage or grain".
 3     32.  Page 9, line 1, by striking the word
 4   "forage".
 5     33.  Page 9, line 2, by striking the word "has"
 6   and inserting the following:  "holds".
 7     34.  Page 9, line 8, by striking the word "crop"
 8   and inserting the following:  "grain".

© 1998 Cornell College and League of Women Voters of Iowa

Comments about this site or page? hjourn@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Fri Apr 10 13:40:04 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01400/01434.html
jhf