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.
98 Acts, ch 1207, §6; 99 Acts, ch 66, §1
Referred to in §15E.208
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 15E - DEVELOPMENT ACTIVITIES
Section 15E.11 - Corporation for receiving and disbursing funds.
Section 15E.14 - Incorporators.
Section 15E.15 - Board of directors.
Section 15E.16 - Accepting grants in aid.
Section 15E.17 - Regulatory information service.
Section 15E.18 - Site development consultations — certificates of readiness.
Section 15E.19 - Regulatory assistance.
Section 15E.21 - Iowa business resource centers.
Section 15E.43 - Investment tax credits.
Section 15E.44 - Qualifying businesses.
Section 15E.45 - Community-based seed capital funds.
Section 15E.46 - Confidentiality — reports.
Section 15E.51 - Venture capital fund investment tax credits.
Section 15E.52 - Innovation fund investment tax credits.
Section 15E.61 - Findings — purpose.
Section 15E.63 - Iowa capital investment board.
Section 15E.64 - Iowa capital investment corporation.
Section 15E.65 - Iowa fund of funds.
Section 15E.66 - Certificates and tax credits.
Section 15E.67 - Powers and effectiveness.
Section 15E.68 - Permissible investments.
Section 15E.70 - Financial statements — auditor of state.
Section 15E.71 - Executive council action.
Section 15E.72 - Program wind-up and future repeal.
Section 15E.116 - Iowa wine and beer promotion board.
Section 15E.117 - Promotion of Iowa wine and beer.
Section 15E.120 - Loan repayments.
Section 15E.167 - Broadband forward and telecommuter forward — certifications.
Section 15E.175 - Physical infrastructure assistance program.
Section 15E.192 - Enterprise zones.
Section 15E.193 - Eligible business.
Section 15E.193A - Alternative eligible business criteria.
Section 15E.193B - Eligible housing business.
Section 15E.193C - Eligible development business.
Section 15E.194 - Distress criteria.
Section 15E.195 - Enterprise zone commission.
Section 15E.196 - Incentives — assistance.
Section 15E.197 - New jobs credit from withholding.
Section 15E.198 - Compliance cost fees.
Section 15E.201 - Short title.
Section 15E.202 - Definitions.
Section 15E.203 - Findings — intent and purposes.
Section 15E.204 - Iowa agricultural industry finance corporations — scope of powers and duties.
Section 15E.205 - Iowa agricultural industry finance corporations — requirements.
Section 15E.206 - Formation of an Iowa agricultural industry finance corporation.
Section 15E.207 - Iowa agricultural industry finance corporations — guiding principles.
Section 15E.208 - Qualified corporations — Iowa agricultural industry finance loans.
Section 15E.209 - Financing provided by an Iowa agricultural industry finance corporation.
Section 15E.210 - Obligations.
Section 15E.227 - Loan and credit guarantee fund.
Section 15E.231 - Economic development regions.
Section 15E.232 - Regional economic development — financial assistance.
Section 15E.233 - Economic enterprise areas.
Section 15E.301 - Short title.
Section 15E.303 - Definitions.
Section 15E.304 - Endow Iowa grants.
Section 15E.305 - Endow Iowa tax credit.
Section 15E.311 - County endowment fund.
Section 15E.321 - Regional sports authority districts.
Section 15E.351 - Business accelerators.
Section 15E.361 - Small business disaster recovery financial assistance program.
Section 15E.362 - Entrepreneur investment awards program.
Section 15E.363 - Entrepreneur investment awards program fund.
Section 15E.364 - Hoover presidential library tax credit.
Section 15E.370 - Butchery innovation and revitalization fund and program.