Text: HF00675 Text: HF00677 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 1 2 HOUSE FILE 676 1 3 1 4 AN ACT 1 5 AMENDING PROVISIONS IN THE "IOWA AGRICULTURAL INDUSTRY 1 6 FINANCE ACT". 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. Section 15E.205, subsection 1, paragraph a, 1 11 Code 1999, is amended to read as follows: 1 12 a.AtAgricultural producers must hold at least fifty-one 1 13 percent of the corporation's common stockmust be held by1 14agricultural producers. Atand at least fifty-one percent of 1 15 the corporation's voting stockmust be held by agricultural1 16producers. The status of an agricultural producer shall be 1 17 determined at the time of the transfer of stock from the 1 18 corporation to the shareholder in a manner and as provided in 1 19 the corporation's articles of incorporation or bylaws. 1 20 Sec. 2. Section 15E.208, subsection 5, paragraph d, 1 21 subparagraph (5), unnumbered paragraph 1, Code 1999, is 1 22 amended to read as follows: 1 23 The execution of an agreement between the corporation and 1 24 an eligible recipient as required by the department as a 1 25 condition of providing financing, in which the eligible 1 26 recipient agrees to become a shareholder in the corporation. 1 27 If the eligible recipient is an agricultural producer as 1 28 provided in section 15E.209, the agreement shallnot be1 29executed unless the agricultural producer holdsprovide that 1 30 the agricultural producer becomes a shareholder of voting 1 31 common stock in the corporation equal to at least five percent 1 32 of the financing provided to the agricultural producer 1 33 pursuant to the agreement. The agreement shall be for a 1 34 period of not less than ten years. An agreement shall at 1 35 least provide all of the following: 2 1 2 2 2 3 2 4 RON J. CORBETT 2 5 Speaker of the House 2 6 2 7 2 8 2 9 MARY E. KRAMER 2 10 President of the Senate 2 11 2 12 I hereby certify that this bill originated in the House and 2 13 is known as House File 676, Seventy-eighth General Assembly. 2 14 2 15 2 16 2 17 ELIZABETH ISAACSON 2 18 Chief Clerk of the House 2 19 Approved , 1999 2 20 2 21 2 22 2 23 THOMAS J. VILSACK 2 24 Governor
Text: HF00675 Text: HF00677 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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