15E.204 - IOWA AGRICULTURAL INDUSTRY FINANCE CORPORATIONS -- SCOPE OF POWERS AND DUTIES.
15E.204 IOWA AGRICULTURAL INDUSTRY FINANCE
CORPORATIONS -- SCOPE OF POWERS AND DUTIES.
1. An Iowa agricultural industry finance corporation formed under
this division shall be subject to and have the powers and privileges
conferred by provisions of chapter 490, unless otherwise limited by
or inconsistent with the provisions of this division.
2. Nothing in this division requires any of the following:
a. That a limited number of Iowa agricultural industry
finance corporations are authorized to be formed. However, the
department may strictly interpret and apply the requirements of this
division in determining whether a corporation is a qualified
corporation under section 15E.208.
b. That a corporation be organized on a cooperative basis,
including structured, organized, or operated pursuant to 26 U.S.C. §
1381(a).
c. That a corporation is restricted from holding, acquiring,
or transferring financial or security instruments, including but not
limited to a security regulated under chapter 502, money, accounts,
and chattel paper under chapter 554, security interests under chapter
554, or a mortgage or deed of trust under chapter 654.
3. An Iowa agricultural industry finance corporation is a private
business corporation and not a public corporation or instrumentality
of the state. Except as provided in this division, nothing in this
division exempts an Iowa agricultural industry finance corporation
from the same requirements under state law which apply to other
corporations organized under chapter 490, including taxation
provisions under chapter 422 or Title X, subtitle 2 of this Code, or
security regulations under chapter 502. Section History: Recent Form
98 Acts, ch 1207, §5