Bill Text: IA SF443 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act relating to preferred stock issued by cooperative associations. (Formerly SSB 1128.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [SF443 Detail]
Download: Iowa-2011-SF443-Introduced.html
Senate
File
443
-
Introduced
SENATE
FILE
443
BY
COMMITTEE
ON
AGRICULTURE
(SUCCESSOR
TO
SSB
1128)
(COMPANION
TO
HF
468
BY
COMMITTEE
ON
AGRICULTURE)
A
BILL
FOR
An
Act
relating
to
preferred
stock
issued
by
cooperative
1
associations.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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443
Section
1.
Section
499.24,
Code
2011,
is
amended
to
read
as
1
follows:
2
499.24
Preferred
stock.
3
Preferred
stock
shall
bear
cumulative
or
noncumulative
4
dividends
as
fixed
by
the
articles
,
not
exceeding
eight
percent
5
per
annum
.
It
shall
have
no
vote.
It
shall
be
issued
and
6
be
transferable
without
regard
to
eligibility
or
membership,
7
and
be
redeemable
on
terms
specified
in
the
articles
and
as
8
provided
for
in
this
chapter
.
The
directors
shall
determine
9
the
time
and
amount
of
its
issue.
10
EXPLANATION
11
This
bill
relates
to
preferred
stock
issued
by
a
cooperative
12
association
organized
under
Code
chapter
499.
It
eliminates
a
13
requirement
that
the
stock’s
dividends
cannot
earn
more
than
8
14
percent
per
annum.
15
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