15E.205 - IOWA AGRICULTURAL INDUSTRY FINANCE CORPORATIONS -- REQUIREMENTS.

        15E.205  IOWA AGRICULTURAL INDUSTRY FINANCE
      CORPORATIONS -- REQUIREMENTS.
         1.  A corporation incorporated under chapter 490 is an Iowa
      agricultural industry finance corporation if the corporation complies
      with the requirements of this section and section 15E.206.  In
      addition to the other requirements for a corporation organized under
      chapter 490, all of the following shall apply:
         a.  Agricultural producers must hold at least fifty-one
      percent of the corporation's common stock and at least fifty-one
      percent of the corporation's voting stock.  The status of an
      agricultural producer shall be determined at the time of the transfer
      of stock from the corporation to the shareholder in a manner and as
      provided in the corporation's articles of incorporation or bylaws.
         b.  A director of the corporation's board of directors shall
      not serve for more than seven consecutive years as a board director.

         c.  The purpose of the corporation must be limited to
      providing financing to eligible persons under section 15E.209 who are
      engaging in Iowa agricultural industry ventures limited to
      establishing a business structure in which agricultural producers
      produce agricultural commodities for processing and marketing as
      agricultural processed products.
         2.  The requirements of this section shall be memorialized in the
      corporation's articles of incorporation.  
         Section History: Recent Form
         98 Acts, ch 1207, §6; 99 Acts, ch 66, §1
         Referred to in §15E.208