SB 775 - The act adds to the list of bylaw provisions for cooperatives. Under this act, the amount and period of time accounted for in the remuneration provided to officers is information that may be covered in an association's bylaws. Any such remuneration must first be voted on and agreed to by a majority of members in that cooperative.
The act asserts that no new tax credit shall be approved, redeemed, or issued for any new generation cooperative that is not in full compliance with the provisions of the Packers and Stockyards Act, 1921. The act exempts new generation cooperatives claiming the exemption established in 9 C.F.R. Section 201.200; an exemption that prohibits any packer whose average annual livestock purchases exceed $500,000 from buying livestock on credit.
The provisions of this act are contained in SCS/SB 773 (2006).