House File 615 H-1244 Amend the amendment, H-1235, to House File 615 as 1 follows: 2 1. Page 1, after line 13 by inserting: 3 < ___. Page 1, after line 33 by inserting: 4 < d. “Nonprofit corporation” means a corporation 5 organized under chapter 504 and qualifying under 6 section 501(c)(3) of the Internal Revenue Code as an 7 organization exempt from federal income tax under 8 section 501(a) of the Internal Revenue Code. >> 9 2. Page 1, by striking lines 24 through 26 and 10 inserting < collaborate on advancing innovation in this 11 state, shall be in compliance with the requirements 12 of section 15.107A, subsection 3, and shall not be 13 controlled by a financial institution as defined 14 in section 422.61 or a credit union as defined in 15 section 533.102. For purposes of this subparagraph 16 (2), “controlled” means the ability, either directly 17 or indirectly through an affiliate of the financial 18 institution or credit union, to direct or cause 19 the direction of the management and policies of the 20 nonprofit corporation, and includes but is not limited 21 to instances in which fifty percent or more of the 22 directors, officers, or members of the nonprofit 23 corporation are also a director, officer, member, 24 owner, employee, or agent of the financial institution, 25 credit union, or of an affiliate of the financial 26 institution or credit union. “Affiliate” includes 27 any entity that owns or holds fifty percent or more 28 of the equity interest or voting power in a financial 29 institution or credit union, or any entity in which 30 fifty percent or more of the entity’s equity interest 31 or voting power is owned or held by a financial 32 institution or credit union. > 33 3. Page 1, after line 42 by inserting: 34 < ___. Page 2, line 29, after < fund. > by inserting 35 < Notwithstanding any other provision of law to the 36 contrary, a nonprofit corporation operating an 37 innovation fund shall not be allowed to make an equity 38 investment in such innovation fund. >> 39 4. By renumbering as necessary. 40 ______________________________ LOFGREN of Muscatine ______________________________ THOMAS of Clayton -1- H1235.1418 (3) 85 mm/sc 1/ 1 #1. #2. #3. #4.