Senate File 169 - Introduced SENATE FILE 169 BY DICKEY A BILL FOR An Act relating to record access by members of cooperative 1 associations providing utility service. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1636SS (2) 91 sb/js
S.F. 169 Section 1. NEW SECTION . 498.38 Financial records access. 1 An association that provides utility service to its 2 members shall, upon reasonable request by any member of the 3 association, provide to the member the associations most 4 recent biennial report and any requested financial information, 5 including the associations budget and balance sheet. The 6 requested information shall be delivered to the member no later 7 than thirty days after the request. 8 Sec. 2. NEW SECTION . 499.81 Financial records access. 9 An association that provides utility service to its 10 members shall, upon reasonable request by any member of the 11 association, provide to the member the associations most 12 recent biennial report and any requested financial information, 13 including the associations budget and balance sheet. The 14 requested information shall be delivered to the member no later 15 than thirty days after the request. 16 EXPLANATION 17 The inclusion of this explanation does not constitute agreement with 18 the explanations substance by the members of the general assembly. 19 This bill provides that if a nonprofit cooperative 20 association or cooperative association provides utility service 21 to members, the most recent biennial report and financial 22 information, including the budget and balance sheet, for the 23 nonprofit cooperative association or cooperative association 24 must be made available to a member within 30 days of a 25 reasonable request by the member. 26 A nonprofit cooperative association means a corporate 27 body composed of actual producers or consumers of the given 28 commodity handled by the association, whose business is 29 conducted for the mutual benefit of its members and not for the 30 profit of stockholders, and for which control is vested in its 31 members upon the basis of one vote to each member. 32 A cooperative association is one that deals with or 33 functions for its member and that distributes its net earnings 34 among its members in proportion to their dealings with it, 35 -1- LSB 1636SS (2) 91 sb/js 1/ 2
S.F. 169 except for limited dividends or other items permitted in Code 1 chapter 499, and in which each voting member has one vote and 2 no more. 3 -2- LSB 1636SS (2) 91 sb/js 2/ 2