15E.206 - FORMATION OF AN IOWA AGRICULTURAL INDUSTRY FINANCE CORPORATION.
15E.206 FORMATION OF AN IOWA AGRICULTURAL INDUSTRY
FINANCE CORPORATION.
1. This section authorizes the formation of Iowa agricultural
industry finance corporations in order to perfect the manner in which
such corporations are formed and operate. Such a corporation is a
private business corporation and not a public corporation or
instrumentality of the state. The corporation shall not enjoy any of
the privileges nor be required to comply with any of the requirements
of a state agency.
2. In facilitating the formation of an Iowa agricultural industry
finance corporation, the following persons shall serve as
incorporators as provided in section 490.201:
a. The chairperson of the economic development board or a
designee of the chairperson.
b. The director of the department of economic development, or
a designee of the director.
c. The secretary of agriculture or a designee of the
secretary.
3. a. After incorporation, such a corporation shall be
organized by an initial board of directors as provided in chapter
490, division II. The initial board of directors shall be elected by
the members of an appointment committee. The members of the
appointment committee shall be appointed by the economic development
board. The initial board of directors shall consist of seven
members. The members of the appointment committee shall include
persons who have an expertise in areas of banking, agricultural
lending, business development, agricultural production and
processing, seed and venture capital investment, and other areas of
expertise as deemed appropriate by the interim board of directors.
b. The members of the appointment committee shall exercise
due care to assure that persons appointed to the initial board of
directors have the requisite financial experience necessary in order
to carry out the duties of the corporation as established in this
division, including in areas related to agricultural lending,
commercial banking, and investment management.
c. Upon the election of the initial board of directors, the
terms of the members of the appointment committee shall expire.
d. The department shall assist the incorporators and the
appointment committee in any manner determined necessary and
appropriate by the economic development board and the director of the
department in order to administer this section. Section History: Recent Form
98 Acts, ch 1207, §7
Referred to in §15E.205