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House File 286

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Bill Text

PAG LIN
  1  1                                              HOUSE FILE 286 
  1  2 
  1  3                             AN ACT
  1  4 PERMITTING COOPERATIVE ASSOCIATIONS TO DEAL WITH NONMEMBERS,
  1  5    TO USE FICTITIOUS NAMES, AND TO ISSUE MEMBERSHIPS WITHOUT
  1  6    CHARGE; TO PERMIT ELECTRIC COOPERATIVES TO HAVE MULTIPLE 
  1  7    CLASSES OF MEMBERS; AND PROVIDING AN EFFECTIVE DATE.  
  1  8 
  1  9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1 10 
  1 11    Section 1.  Section 499.3, Code 2001, is amended to read as
  1 12 follows:
  1 13    499.3  DEALING WITH NONMEMBERS.
  1 14    A nonstock livestock shipping association shall not handle
  1 15 livestock of any nonmembers.
  1 16    Any association may restrict the amount of business done
  1 17 with nonmembers and may limit its dealings or any class
  1 18 thereof to members only.
  1 19    No association shall, during any year, deal or function
  1 20 with or for nonmembers to an extent exceeding one-half of the
  1 21 value of business done.  This provision shall not apply to its
  1 22 sales or services to municipal or governmental bodies; nor to
  1 23 agricultural associations' purchases from or sales to
  1 24 corporate landowners who are not primarily engaged in the
  1 25 business of farming.
  1 26    Sec. 2.  Section 499.4, Code 2001, is amended by adding the
  1 27 following new unnumbered paragraph:
  1 28    NEW UNNUMBERED PARAGRAPH.  This chapter does not control
  1 29 the use of fictitious names; however, if a cooperative
  1 30 association or a foreign cooperative association uses a
  1 31 fictitious name in this state, it shall deliver to the
  1 32 secretary of state for filing a copy of the resolution of its
  1 33 board of directors, certified by its secretary, adopting the
  1 34 fictitious name.
  1 35    Sec. 3.  Section 499.14, Code 2001, is amended to read as
  2  1 follows:
  2  2    499.14  MEMBERSHIP IN NONSTOCK ASSOCIATIONS.
  2  3    Membership in associations without capital stock may be
  2  4 acquired by eligible parties in the manner provided in the
  2  5 articles, which shall specify the rights of members, the
  2  6 issuing price of memberships, if any, and what, if any, fixed
  2  7 dividends accrue thereon.  If the articles so provide,
  2  8 membership shall be of two classes, voting and nonvoting.
  2  9 Voting members shall be agricultural producers, and all other
  2 10 members shall be nonvoting members.  Nonvoting members shall
  2 11 have all the rights of membership except the right to vote.
  2 12    Sec. 4.  Section 499.14A, Code 2001, is amended to read as
  2 13 follows:
  2 14    499.14A  ELECTRIC COOPERATIVE ASSOCIATION MEMBERSHIPS.
  2 15    An electric generation and transmission cooperative
  2 16 association may have one or more classes of members.
  2 17 Qualifications, requirements, methods of acceptance, terms,
  2 18 conditions, termination, and other incidents of membership
  2 19 shall be set forth in the bylaws articles of incorporation of
  2 20 the association.  An electric utility as defined in section
  2 21 476.22 and a person who generates or transmits electric power
  2 22 for sale at wholesale to an electric utility may become a
  2 23 member in accordance with the bylaws.
  2 24    Sec. 5.  Section 499.16, Code 2001, is amended to read as
  2 25 follows:
  2 26    499.16  SUBSCRIPTIONS – ISSUING CERTIFICATES.
  2 27    If permitted by the association's articles of
  2 28 incorporation, any eligible subscriber for common stock or
  2 29 membership may vote and be treated as a member, after making
  2 30 part payment of the amount, if any, required to be paid for
  2 31 the common stock or membership in cash, giving the
  2 32 subscriber's note for the balance, and satisfying any other
  2 33 requirement for the subscription as set forth in the articles.
  2 34 A subscription may be forfeited as provided in section 499.32.
  2 35 Stock or a membership certificate shall not be issued until
  3  1 payment of the amount, if any, required to be paid for the
  3  2 stock or membership certificate is fully made.  A subscriber
  3  3 shall not hold office until the subscriber's certificate has
  3  4 been issued.
  3  5    Sec. 6.  EFFECTIVE DATE.  This Act, being deemed of
  3  6 immediate importance, takes effect upon enactment.  
  3  7 
  3  8 
  3  9                                                             
  3 10                               BRENT SIEGRIST
  3 11                               Speaker of the House
  3 12 
  3 13 
  3 14                                                             
  3 15                               MARY E. KRAMER
  3 16                               President of the Senate
  3 17 
  3 18    I hereby certify that this bill originated in the House and
  3 19 is known as House File 286, Seventy-ninth General Assembly.
  3 20 
  3 21 
  3 22                                                             
  3 23                               MARGARET THOMSON
  3 24                               Chief Clerk of the House
  3 25 Approved                , 2001
  3 26 
  3 27 
  3 28                            
  3 29 THOMAS J. VILSACK
  3 30 Governor
     
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