Text: HSB00724                          Text: HSB00726
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 725

Bill Text

PAG LIN
  1  1    Section 1.  Section 10.1, unnumbered paragraph 1, Code
  1  2 Supplement 2003, is amended to read as follows:
  1  3    As used in this chapter and in chapter 10B, unless the
  1  4 context otherwise requires:
  1  5    Sec. 2.  Section 10C.6, subsection 1, paragraph b, Code
  1  6 2003, is amended to read as follows:
  1  7    b.  The life science enterprise must file a report with the
  1  8 secretary of state as provided in section 10B.4, Code 2003.
  1  9    Sec. 3.  Section 10C.6, subsection 2, paragraph d, Code
  1 10 2003, is amended to read as follows:
  1 11    d.  The person must file a report as a life science
  1 12 enterprise with the secretary of state as provided in section
  1 13 10B.4, Code 2003.
  1 14    Sec. 4.  Section 10D.2, subsection 1, Code 2003, is amended
  1 15 to read as follows:
  1 16    1.  The enterprise files a notice with the secretary of
  1 17 state not later than June 30, 2002.  The notice shall be a
  1 18 simple statement providing the name of the enterprise and the
  1 19 address of the enterprise's registered office or registered
  1 20 agent.  The notice shall indicate that the enterprise intends
  1 21 to acquire or hold an interest in agricultural land under this
  1 22 chapter.  The secretary of state shall receive and file the
  1 23 notice together with reports required for the enterprise as
  1 24 required in chapter 10B.
  1 25    Sec. 5.  Chapter 10B, Code 2003 and Code Supplement 2003,
  1 26 is repealed.
  1 27    Sec. 6.  EFFECTIVE DATE.  This Act takes effect July 1,
  1 28 2005.  
  1 29                           EXPLANATION
  1 30    Code chapter 10B provides a number of reporting
  1 31 requirements for business entities holding agricultural land
  1 32 in this state, including entities holding land under other
  1 33 Code chapters such as 9H and 9I (e.g., corporations,
  1 34 cooperatives, limited partnerships, trusts, limited liability
  1 35 companies, and foreign businesses).  The business entity must
  2  1 file an annual report with the secretary of state on or before
  2  2 March 31 of each year.  The report must contain information
  2  3 for the last year regarding the business entity, including
  2  4 information about the activities of the entity, the entity's
  2  5 landholdings, and agricultural commodities produced on the
  2  6 land.  The chapter does not apply to family farm entities
  2  7 (such as family farm corporations, family farm limited
  2  8 partnerships, family trusts, and family farm limited liability
  2  9 companies).  The chapter provides that failure to timely file
  2 10 a report or filing false information is punishable by a civil
  2 11 penalty not to exceed $1,000.
  2 12    This bill repeals that chapter and makes conforming changes
  2 13 to provisions in other chapters of the Code.
  2 14    The bill takes effect on July 1, 2005.  
  2 15 LSB 6983HC 80
  2 16 da/gg/14
     

Text: HSB00724                          Text: HSB00726
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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