House File 472 - Introduced HOUSE FILE BY MAREK Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act providing for the powers and duties of the Iowa soybean 2 association's board of directors. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2315HH 83 5 da/rj/5 PAG LIN 1 1 Section 1. Section 185.13, subsection 2, Code 2009, is 1 2 amended to read as follows: 1 3 2. Acquire and establish offices, issue negotiable 1 4 instruments, incur expenses, and enter into any contracts or 1 5 agreements necessary to carry out the purposes of this 1 6 chapter. 1 7 EXPLANATION 1 8 This bill provides that the board of directors of the Iowa 1 9 soybean association may issue negotiable instruments as part 1 10 of its powers and duties under Code section 185.13. A 1 11 negotiable instrument is a specialized type of agreement for 1 12 the payment of money which may include interest, and is 1 13 payable on demand or at a definite time (Code section 1 14 554.3104). 1 15 LSB 2315HH 83 1 16 da/rj/5