| LAWS OF THE 2001 REGULAR SESSION OF THE SEVENTY-NINTH GENERAL ASSEMBLY OF THE STATE OF IOWA |
Section 1. Section 203.1, subsection 8, paragraph j, Code 2001, is amended to read as follows:
j. A cooperative corporation
organized under chapter 501, if the cooperative
buys
only purchases grain
from its members who are producers who are
members
or from a licensed grain dealer, and the cooperative does
not resell that grain.
Sec. 2. Section 203.1, subsection 8, Code 2001, is amended by adding the following new paragraph:
NEW PARAGRAPH. k. A limited liability company as defined in section 490A.102 that meets all of the following requirements:
(1) The majority of voting rights in the limited liability company are held by its members who are producers.
(2) The purpose of the limited liability company is to produce renewable fuel as defined in section 159A.2.
(3) The limited liability company only purchases grain from its members who are producers or from a licensed grain dealer.
(4) The limited liability company does not resell grain that it purchases.
Approved April 16, 2001
Updated: 25-Oct-2001 02:28 PM
rc/sw