April 26, 2004 

For more details on bills, visit the legislative website at http://www.legislature.state.tn.us.

Sen. Norris Glad to See Public Signing of Rural Cooperative Farming Bill

NASHVILLE-Senator Mark Norris (R-Collierville) stated today that he was honored that Governor Bredesen publicly signed SB 1161, the Tennessee Processing Cooperative Law at a ceremony in Nashville.

"Public bill signings are seen on fairly rare occasions," stated Senator Norris. "We are quite honored and very glad to see that the Governor signed our farm bill in a public ceremony which brings added attention to the importance of rural economic development."

The Tennessee Processing Cooperative Law facilitates private investment in rural technology. It permits the formation of limited liability cooperatives approved by the Commissioner of Agriculture to promote Tennessee products. The hybrid structure takes the best elements of cooperatives and of limited liability entities and combines them into one business.

"Farmers must be able to attract outside investors and participate in new ventures in order to develop necessary technology to enhance the value of their products," stated Senator Norris. Prior farm cooperative law prohibited non-farm investors from injecting needed capital in these creative enterprises.

"Modern processing facilities, the refining of agricultural fuels like soybean diesel, and many other opportunities require flexibility to attract qualified investors. This new law accommodates that," stated Senator Norris.

Similar laws have recently been adopted in a number of other states competing with Tennessee for agricultural business. "Tennesseans must not only remain competitive but must take the lead in new technology. Agriculture is our top industry. It's time we take it up to the next level of opportunity," says the West Tennessee Republican who worked on the initiative for over one year.

"My particular interest has been in the potential application of agriculture to biotechnology. Rural Tennessee could well be the next frontier for scientific research and development. This innovative law can help make that a possibility," stated Senator Norris.

"The law takes full effect on January 1, 2005, with the rule-making and regulatory provisions already under way," concluded Senator Norris who represents Senate District 32 which includes Dyer, Lauderdale, Tipton, and Shelby counties.

The Secretary of State has assigned it Public Chapter 534, available online at http://www.state.tn.us/sos/acts/103/pub/pc0534.pdf . Public Chapter 534 is comprehensive and creates a whole new set-up in the law in 83 pages .