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House Journal: Page 1862: Tuesday, April 21, 1998

40   present at a meeting is necessary before an action may
41   be taken by the board.  An action taken by the board
42   shall be authorized by resolution at a regular or
43   special meeting and takes effect immediately unless
44   the resolution specifies otherwise.  Notice of a
45   meeting shall be given orally or in writing not less
46   than forty-eight hours prior to the meeting.
47     Sec. 26.  Section 15E.87, Code 1997, is amended to
48   read as follows:
49     15E.87  CORPORATE PURPOSE - POWERS.
50     The purpose of the corporation is to stimulate and

Page 22

 1   encourage the development of new products within Iowa
 2   by the infusion of financial aid for invention and
 3   innovation in situations in which financial aid would
 4   not otherwise be reasonably available from commercial
 5   sources.  For this purpose the corporation has the
 6   following powers:
 7     1.  To have perpetual succession as a corporate
 8   body and to adopt bylaws, policies, and procedures for
 9   the regulation of its affairs and conduct of its
10   business consistent with the purposes of this
11   division.
12     2.  To enter into venture agreements with persons
13   doing business in Iowa upon conditions and terms which
14   are consistent with the purposes of this division for
15   the advancement of financial aid to the persons.  The
16   financial aid advanced shall be for the development of
17   specific products, procedures, and techniques which
18   are to be developed and produced in this state.  The
19   corporation shall condition the agreements upon
20   contractual assurances that the benefits of increasing
21   or maintaining employment and tax revenues shall
22   remain in Iowa.
23     3.  To receive and accept aid or contributions from
24   a source of money, property, labor, or other things of
25   value to be used to carry out the purposes of this
26   division including gifts or grants from a department
27   or agency of the United States or any state.
28     4.  To issue notes and bonds as provided under this
29   division.
30     5 2.  To hold patents, copyrights, trademarks, or
31   other evidences of protection or exclusivity issued
32   under the laws of this state or the United States to
33   any products.
34     6 3.  To employ assistants, agents, and other
35   employees and to engage consultants, attorneys, and
36   appraisers as necessary or desirable to carry out the
37   purposes of the corporation.
38     7 4.  To make and enter into contracts and
39   agreements necessary or incidental to its performance

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Wed Apr 22 13:40:08 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01800/01862.html
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