Text: SF02309 Text: SF02311 Text: SF02300 - SF02399 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 5815SV 78 2 1 da/cf/24
Text: SF02309 Text: SF02311 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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