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HI HB747
Bill
Status
4/9/2013
Primary Sponsor
Richard Onishi
Click for details
AI Summary
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Amends Section 163D-17, Hawaii Revised Statutes to remove the $500,000 investment limit on qualified securities issued by any single enterprise by the agribusiness development corporation (amount to be specified).
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Allows the agribusiness development corporation to exceed the investment limit in a single enterprise if additional investments are required to protect the corporation's initial investment and other findings are met.
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Appropriates unspecified sums from the general fund for fiscal years 2013-2014 and 2014-2015 to purchase identified agricultural lands through the agribusiness development corporation.
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Maintains existing restrictions that the corporation cannot own more than 49 percent of voting stock in any enterprise and cannot invest more than 50 percent of assets in direct investments.
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Effective date is July 1, 2050.
Legislative Description
Agriculture; Hawaii Agricultural Development Revolving Fund; Corporation Funds; Agribusiness Development Corporation; Appropriation ($)
Last Action
Conference Committee Meeting will reconvene on Friday, 04-26-13 at 4:30PM in Conference Room 224.
4/26/2013