Text: S03445                            Text: S03447
Text: S03400 - S03499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 3446

Amendment Text

PAG LIN
  1  1    Amend House File 564, as passed by the House, as
  1  2 follows:
  1  3    #1.  Page 1, by inserting after line 31, the
  1  4 following:
  1  5    "Sec.    .  Section 499.30, subsection 5, Code
  1  6 2001, is amended to read as follows:
  1  7    5.  Notwithstanding an association's articles of
  1  8 incorporation, for each taxable year of the
  1  9 association, the association shall allocate all
  1 10 remaining net earnings to the account of each member,
  1 11 including subscribers described in section 499.16,
  1 12 ratably in proportion to the business the member did
  1 13 with the association during that year.  The directors
  1 14 shall determine, or the articles of incorporation or
  1 15 bylaws of the association may specify, the percentage
  1 16 or the amount of the allocation to be currently paid
  1 17 in cash.  However, for notwithstanding a cooperative
  1 18 association's articles of incorporation or bylaws if a
  1 19 cooperative association provides for the reversion of
  1 20 disbursements pursuant to section 499.30A, the
  1 21 cooperative association shall pay all dividends in
  1 22 cash to the account of each member, upon a declaration
  1 23 of a dividend by the board of directors.  For a
  1 24 cooperative association other than a public utility as
  1 25 defined in section 476.1, the amount to be currently
  1 26 payable in cash shall not exceed twenty percent of the
  1 27 allocation during any period when unpaid local
  1 28 deferred patronage dividends of deceased members for
  1 29 prior years are outstanding.  Notwithstanding the
  1 30 twenty percent allocation limitation, the directors of
  1 31 a cooperative association or the articles of
  1 32 incorporation or bylaws of the association may specify
  1 33 any percentage or amount to be currently paid in cash
  1 34 to the estates of deceased natural persons who were
  1 35 members.  All the remaining allocation not paid in
  1 36 cash shall be transferred to a revolving fund as
  1 37 provided in section 499.33 and credited to the members
  1 38 and subscribers.  The credits in the revolving fund
  1 39 are referred to in this chapter as deferred patronage
  1 40 dividends."
  1 41    #2.  By renumbering as necessary.  
  1 42 
  1 43 
  1 44                               
  1 45 THOMAS FIEGEN
  1 46 HF 564.301 79
  1 47 da/cf
     

Text: S03445                            Text: S03447
Text: S03400 - S03499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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