Text: HF00675                           Text: HF00677
Text: HF00600 - HF00699                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 676

Partial Bill History

Bill Introduced: H.J. 653
Committee Report Issued: S.J. 912
Passed House: H.J. 867
Passed Senate: S.J. 1093
Signed by Governor: H.J. 1723
Complete Bill History

Bill Text

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.  At Agricultural producers must hold at least fifty-one
  1 13 percent of the corporation's common stock must be held by
  1 14 agricultural producers.  At and at least fifty-one percent of
  1 15 the corporation's voting stock must be held by agricultural
  1 16 producers.  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 shall not be
  1 29 executed unless the agricultural producer holds provide 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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