Text: SF02190 Text: SF02192 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 15E.206, Code 1999, is amended by
1 2 adding the following new subsection:
1 3 NEW SUBSECTION. 4. In voting on any matter, the majority
1 4 of board members voting and carrying the vote shall not
1 5 include a member who has a conflict of interest and a
1 6 statement by a member that the member has a conflict of
1 7 interest is conclusive for this purpose. A board member who
1 8 has a direct or indirect interest in the business affairs of a
1 9 person who receives financing from the corporation pursuant to
1 10 section 15E.209 shall be conclusively regarded as having a
1 11 conflict of interest. A matter voted upon is not invalid by
1 12 reason of a conflict of interest, unless the vote of the
1 13 member was decisive. The vote must be computed on the basis
1 14 of the number of members not disqualified by reason of a
1 15 conflict of interest. The board may remove from office any
1 16 member who votes on a matter in which the member has a
1 17 conflict of interest.
1 18 EXPLANATION
1 19 This bill amends Code section 15E.206, which authorizes the
1 20 formation of one or more Iowa agricultural industry finance
1 21 corporations. The purpose of such a corporation is to
1 22 facilitate opportunities for local agricultural producer-led
1 23 ventures and to expand production and processing of high-value
1 24 agricultural products. Such a corporation is governed by a
1 25 board of directors. This bill provides that in taking any
1 26 action requiring a vote by the board, the majority of board
1 27 members voting and carrying the vote cannot include a member
1 28 who has a conflict of interest. It provides for the
1 29 disqualification of the member. A board member who has a
1 30 direct or indirect interest in the business affairs of a
1 31 person who receives financing from the corporation is
1 32 conclusively regarded as having a conflict of interest. The
1 33 bill also provides that the board may remove from office any
1 34 member violating this prohibition.
1 35 LSB 5815XS 78
2 1 da/cf/24
Text: SF02190 Text: SF02192 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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