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.