Text: SF00102 Text: SF00104 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 499.3, Code 2001, is amended to read as 1 2 follows: 1 3 499.3 DEALING WITH NONMEMBERS. 1 4 A nonstock livestock shipping association shall not handle 1 5 livestock of any nonmembers. 1 6 Any association may restrict the amount of business done 1 7 with nonmembers and may limit its dealings or any class 1 8 thereof to members only. 1 9No association shall, during any year, deal or function1 10with or for nonmembers to an extent exceeding one-half of the1 11value of business done. This provision shall not apply to its1 12sales or services to municipal or governmental bodies; nor to1 13agricultural associations' purchases from or sales to1 14corporate landowners who are not primarily engaged in the1 15business of farming.1 16 Sec. 2. Section 499.4, Code 2001, is amended by adding the 1 17 following new unnumbered paragraph: 1 18 NEW UNNUMBERED PARAGRAPH. This chapter does not control 1 19 the use of fictitious names; however, if a cooperative 1 20 association or a foreign cooperative association uses a 1 21 fictitious name in this state, it shall deliver to the 1 22 secretary of state for filing a copy of the resolution of its 1 23 board of directors, certified by its secretary, adopting the 1 24 fictitious name. 1 25 Sec. 3. Section 499.14, Code 2001, is amended to read as 1 26 follows: 1 27 499.14 MEMBERSHIP IN NONSTOCK ASSOCIATIONS. 1 28 Membership in associations without capital stock may be 1 29 acquired by eligible parties in the manner provided in the 1 30 articles, which shall specify the rights of members, the 1 31 issuing price of memberships, if any, and what, if any, fixed 1 32 dividends accrue thereon. If the articles so provide, 1 33 membership shall be of two classes, voting and nonvoting. 1 34 Voting members shall be agricultural producers, and all other 1 35 members shall be nonvoting members. Nonvoting members shall 2 1 have all the rights of membership except the right to vote. 2 2 Sec. 4. Section 499.14A, Code 2001, is amended to read as 2 3 follows: 2 4 499.14A ELECTRIC COOPERATIVE ASSOCIATION MEMBERSHIPS. 2 5 An electricgeneration and transmissioncooperative 2 6 association may have one or more classes of members. 2 7 Qualifications, requirements, methods of acceptance, terms, 2 8 conditions, termination, and other incidents of membership 2 9 shall be set forth in the bylaws of the association.An2 10electric utility as defined in section 476.22 and a person who2 11generates or transmits electric power for sale at wholesale to2 12an electric utility may become a member in accordance with the2 13bylaws.2 14 Sec. 5. Section 499.16, Code 2001, is amended to read as 2 15 follows: 2 16 499.16 SUBSCRIPTIONS – ISSUING CERTIFICATES. 2 17 If permitted by the association's articles of 2 18 incorporation, any eligible subscriber for common stock or 2 19 membership may vote and be treated as a member, after making 2 20 part payment of the amount, if any, required to be paid for 2 21 the common stock or membership in cash, giving the 2 22 subscriber's note for the balance, and satisfying any other 2 23 requirement for the subscription as set forth in the articles. 2 24 A subscription may be forfeited as provided in section 499.32. 2 25 Stock or a membership certificate shall not be issued until 2 26 payment of the amount, if any, required to be paid for the 2 27 stock or membership certificate is fully made. A subscriber 2 28 shall not hold office until the subscriber's certificate has 2 29 been issued. 2 30 Sec. 6. EFFECTIVE DATE. This Act, being deemed of 2 31 immediate importance, takes effect upon enactment. 2 32 EXPLANATION 2 33 This bill amends a number of provisions in Code chapter 499 2 34 providing for cooperative associations. The bill amends the 2 35 following sections: 3 1 Code section 499.3, which provides for dealing with 3 2 nonmembers. The bill eliminates a provision limiting the 3 3 amount of business that an association may do with a 3 4 nonmember, but provides that the association may elect to 3 5 limit its business dealings with nonmembers. 3 6 Code section 499.4, which provides for the use of the term 3 7 "cooperative". The bill provides that the chapter does not 3 8 control the use of fictitious names, but requires a 3 9 cooperative association to file a copy of the resolution 3 10 adopting the fictitious name with the secretary of state. The 3 11 language is based on similar provisions governing names for 3 12 partnerships (Code section 487.102), corporations (Code 3 13 section 490.401), limited liability companies (Code section 3 14 490A.401), and nonprofit corporations (Code section 504A.6). 3 15 Code section 499.14, which provides for membership in 3 16 nonstock associations. The bill provides that a cooperative 3 17 association is not required to charge an issuing price for 3 18 such memberships. 3 19 Code section 499.16, which provides for subscriptions for 3 20 common stock or membership in a cooperative association and 3 21 subscribers' rights. The bill provides that an association is 3 22 not required to charge for common stock or membership. 3 23 The bill takes effect upon enactment. 3 24 LSB 1681SV 79 3 25 da/cf/24
Text: SF00102 Text: SF00104 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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