Text: SSB01176 Text: SSB01178 Text: SSB01100 - SSB01199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.205, Code 2001, is amended by 1 2 adding the following new subsection: 1 3 NEW SUBSECTION. 1A. Notwithstanding section 490.802, a 1 4 director of the corporation must be a resident of this state 1 5 and a holder of voting common stock in the corporation. 1 6 Sec. 2. ELECTION OF A PERMANENT BOARD OF DIRECTORS. The 1 7 initial board of directors of the Iowa agricultural industry 1 8 finance corporation constituted pursuant to section 15E.206 1 9 shall organize a meeting of shareholders and provide for the 1 10 election of a permanent board of directors as provided in 1 11 chapter 490. The permanent board of directors shall take 1 12 office not later than March 1, 2003. 1 13 Sec. 3. APPLICABILITY. Section 15E.205, subsection 1A, as 1 14 enacted in this Act, applies to directors of a corporation who 1 15 are elected to the corporation's permanent board of directors 1 16 as provided in section 2 of this Act. 1 17 EXPLANATION 1 18 Division XIX of Code chapter 15E, referred to as the "Iowa 1 19 Agricultural Industry Finance Act", authorizes the formation 1 20 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. Code section 15E.206 provides for the 1 26 organization of the board of one corporation by an initial 1 27 board of directors. 1 28 This bill provides for the election of directors of an Iowa 1 29 agricultural industry finance corporation. Generally, a 1 30 corporation provided for in Code chapter 15E is governed under 1 31 Code chapter 490, including providing for the election of 1 32 directors under Code section 490.802. This bill provides that 1 33 notwithstanding that section, a director of the corporation 1 34 must be a resident of this state and a holder of voting common 1 35 stock in the corporation. 2 1 The bill also requires that the initial board of directors 2 2 of the Iowa agricultural industry finance corporation 2 3 constituted pursuant to Code section 15E.206 must organize a 2 4 meeting of shareholders and provide for the election of a 2 5 permanent board of directors. The permanent board of 2 6 directors must take office not later than March 1, 2003. 2 7 LSB 3070XC 79 2 8 da/gg/8
Text: SSB01176 Text: SSB01178 Text: SSB01100 - SSB01199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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