General Assembly: 76 (1996 Regular GA) - Chapter 1028 - Iowa state fair board — auditing practices


Published: 1996-04-01

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CH. 1027 lAWS OF THE SEVENlY-SIXTH GA., 1996 SESSION

CHAPTER 1027 INDMDUAL PROPERTY MANAGEMENT ACCOUNTS - EXAMINATION

EXEMPTION H.F.2127

56

AN ACT relating to the exemption of certain individual property management accounts from certification and auditing requirements.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 543B.46, subsection 3, Code Supplement 1995, is amended to read as follows:

3. Each broker shall authorize the real estate commission to examine each trust ac- count and shall obtain the certification of the bank or savings and loan association attest- ing to each trust account and consenting to the examination and audit of each account by a duly authorized representative of the commission. The certification and consent shall be furnished on forms prescribed by the commission. This does not apply to an individual farm account maintained in the name of the owner or owners for the purpose of conduct- ing ongoing farm business whether it is conducted by the farm owner or by an agent or farm manager when the account is part of a farm management agreement between the owner and agent or manager. This section also does not apply to an individual property management account maintained in the name of the owner or owners for the purpose of conducting ongoing property management whether it is conducted by the property owner or by an agent or manager when the account is part of a property management agreement between the owner and agent or manager.

Approved April 1, 1996

CHAPTER 1028 IOWA STATE FAIR BOARD - AUDITING PRACTICES

S.F.2121

AN ACT providing for auditing practices by the Iowa state fair board.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 173.2, unnumbered paragraph 1, Code 1995, is amended to read as follows:

A convention shall be held at a time and place in Iowa to be designated by the Iowa state fair board each year, not to be set before a eomplete year audit ean be presentee to the eoftvention, to elect members of the state fair board and conduct other business of the board. The board shall give sixty days' notice of the location of the convention to all agri- cultural associations and persons eligible to attend. The convention shall be composed of:

Sec. 2. Section 173.5, Code 1995, is amended by adding the following new subsection: NEW SUBSECTION. 3. The Iowa state fair board shall present a financial report to

the convention. The report is not required to include an audit, but shall provide an esti- mate of the accounts under the authority of the board.

Sec. 3. Section 173.19, Code 1995, is amended to read as follows: 173.19 AUDITING OF ACCOUNTS.

57 LAWS OF THE SEVENTY-SIXTH GA., 1996 SESSION CH. 1030

Prier te the aaa\ial eeB¥eatiea, the The auditor of state shall annually examine and report to the executive council \lpe8: all financial affairs of the board.

Approved April 1, 1996

CHAPTER 1029 AGRICULTURAL DEVELOPMENT AUTHORITY EXECUTIVE DIRECTOR

S.F.2336

AN ACf providing for the selection and tenure of the executive director of the agricultural development authority.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 175.3, subsection 7, Code 1995, is amended to read as follows: 7. The appointed members shall elect a chairperson and vice chairperson annually, and

other officers as they determine, but the executive director shall serve as secretary to the authority. The chairperson and vice chairperson shall serve on the selection and tenure committee as provided in section 175.7.

Sec. 2. Section 175.7, subsection 1, Code 1995, is amended to read as follows: 1. The seeretary et agriealtu:re shall ~peiat aa executive director of the authority,whe

shall be appointed by a selection and tenure committee which shall consist of the secre- tary of agriculture, and the chairperson and vice chairperson of the board established pursuant to section 175.3, or their designees. The executive director shall serve at the pleasure of the seeretary committee. The votes of three members of the committee are necessary for any substantive action taken by the committee, except that two members may take a substantive action, if the secretary has a conflict of interest. If a member other than the secretary has a conflict of interest. the board shall appoint a substitute member of the committee from the appointed members of the board for the duration of the conflict of interest. The executive director shall be selected primarily for administrative ability and knowledge in the field, without regard to political affiliation.

lA The executive director shall not, directly or indirectly, exert influence to induce any other officers or employees of the state to adopt a political view, or to favor a political candidate for office.

Approved April 1, 1996

CHAPTER 1030 REGULATION OF GRAIN DEALERS - RECEIVERSHIP

S.F.2337

AN ACf relating to receiverships regarding the administration of the assets of grain dealers.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 203.8, unnumbered paragraph 1, Code 1995, is amended to read as follows: