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SCS/SB 773 - The act asserts that for interim forming boards, any remuneration to the officers must be voted on and agreed to by a majority of the association's members. The act directs Missouri Agricultural Small Business Development Authority (MASBDA) to pay for the first year of charged interest payments on all applicable link deposit loans. For the purposes of this act, "applicable loans" mean only those loans made and used solely for the acquisition of dairy cows. 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. MEGAN WORD
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