Text: SSB03216 Text: SSB03218 Text: SSB03200 - SSB03299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. IOWA AGRICULTURAL INDUSTRY FINANCE CORPORATIONS
1 2 – CONFLICT OF INTEREST.
1 3 1. a. A member of the initial board of directors of the
1 4 Iowa agricultural industry finance corporation is ineligible
1 5 to vote on any matter because of one of the following:
1 6 (1) The member has failed to file a current personal
1 7 financial statement, as provided in this section.
1 8 (2) The member has a conflict of interest, as provided in
1 9 this section. A statement by the member that the member has a
1 10 conflict of interest is conclusive for this purpose.
1 11 b. A matter voted upon by the corporation's initial board
1 12 of directors is not invalid because a member is ineligible to
1 13 vote on the matter as provided in this section, unless the
1 14 vote of the member was decisive. The vote must be calculated
1 15 on the basis of the number of eligible members who voted on
1 16 the matter. The board may remove from office any member who
1 17 votes on a matter in which the member is ineligible.
1 18 2. A member of the corporation's initial board of
1 19 directors shall comply with this section as follows:
1 20 a. The member must file a personal financial disclosure
1 21 statement with the department of economic development on or
1 22 before July 1, 2000, in a manner and according to procedures
1 23 required by the department. The personal financial disclosure
1 24 statement must provide for all of the following:
1 25 (1) A list of each business, occupation, or profession in
1 26 which the person is engaged and the nature of that business,
1 27 occupation, or profession, unless already apparent.
1 28 (2) A list of any other sources of income if the source
1 29 produces more than one thousand dollars annually in gross
1 30 income. Such sources of income listed pursuant to this
1 31 subparagraph shall be listed under categories established by
1 32 rules adopted by the department which shall be consistent with
1 33 categories provided pursuant to section 68B.35.
1 34 b. A member is ineligible to vote because of a conflict of
1 35 interest as provided in the corporation's articles of
2 1 incorporation. Regardless of the corporation's articles of
2 2 incorporation, a member who has a direct or indirect interest
2 3 in the business affairs of a person who executes an agreement
2 4 with the corporation pursuant to section 15E.209 shall be
2 5 conclusively regarded as having a conflict of interest.
2 6 However, a member does not have a conflict of interest for
2 7 voting to execute an agreement with an eligible person, merely
2 8 due to the possible receipt of a benefit as a shareholder in
2 9 the corporation.
2 10 3. The personal financial disclosure statements as
2 11 required in this section and minutes of the meetings of the
2 12 corporation's initial board of directors shall be considered
2 13 public records as provided in chapter 22.
2 14 Sec. 2. ELECTION OF A PERMANENT BOARD OF DIRECTORS. The
2 15 initial board of directors of the Iowa agricultural industry
2 16 finance corporation shall organize a meeting of shareholders
2 17 and provide for the election of a permanent board of directors
2 18 as provided in chapter 490. The members of the permanent
2 19 board of directors shall take office not later than March 1,
2 20 2001.
2 21 Sec. 3. EFFECTIVE DATE. This Act, being deemed of
2 22 immediate importance, takes effect upon enactment.
2 23 EXPLANATION
2 24 Division XIX of Code chapter 15E, which is referred to as
2 25 the "Iowa Agricultural Industry Finance Act", authorizes the
2 26 formation of one or more Iowa agricultural industry finance
2 27 corporations. The purpose of such a corporation is to
2 28 facilitate opportunities for local agricultural producer-led
2 29 ventures and to expand production and processing of high-value
2 30 agricultural products. Such a corporation is governed by a
2 31 board of directors. Code section 15E.206 provides for the
2 32 organization of the board by an initial board of directors.
2 33 This bill regulates conflicts of interest by members of the
2 34 initial board of directors. The bill provides that a member
2 35 of the corporation's initial board of directors is not
3 1 eligible to vote on any matter if the member has failed to
3 2 file a current personal financial statement, as provided in
3 3 the bill, or if the member has a conflict of interest. The
3 4 bill provides that a vote cast by a member ineligible to vote
3 5 cannot be used to determine the board's valid actions.
3 6 The bill provides that a member must file a personal
3 7 financial disclosure statement with the department of economic
3 8 development on or before July 1, 2000. The information
3 9 required in the statement is the same as required for
3 10 statewide elected officials, administrative heads, members of
3 11 independent boards, members of the general assembly, and
3 12 candidates for state office.
3 13 The bill provides that personal financial disclosure
3 14 statements and minutes of the initial board of directors
3 15 meetings shall be considered public records as provided in
3 16 Code chapter 22.
3 17 The bill provides that the initial board of directors must
3 18 organize a meeting of shareholders and provide for the
3 19 election of a permanent board of directors as provided in Code
3 20 chapter 490. The members of the permanent board of directors
3 21 must take office not later than March 1, 2001.
3 22 The bill takes effect upon enactment.
3 23 LSB 7154XC 78
3 24 da/cf/24
Text: SSB03216 Text: SSB03218 Text: SSB03200 - SSB03299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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