10.4 - MULTIPLE INTERESTS RESTRICTED.
10.4 MULTIPLE INTERESTS RESTRICTED.
1. A person who holds an interest in a networking farmers
corporation holding an interest in agricultural land pursuant to
section 10.3 shall not hold an interest in another farmers entity if
any of the following applies:
a. The person holds a twenty-five percent or greater interest
in a networking farmers corporation having six or fewer stockholders.
b. The person holds a fifteen percent or greater interest in
a networking farmers corporation having seven or more stockholders.
2. A person who holds a majority interest in an authorized entity
shall not hold a majority interest in a networking farmers
corporation.
3. A qualified commodity share landlord who owns an interest in a
networking farmers corporation holding agricultural land under
section 10.3 must rent an additional one hundred fifty acres of
agricultural land on a commodity share basis for each farmers entity
holding agricultural land under this chapter in which the commodity
share landlord acquires an interest. Section History: Recent Form
98 Acts, ch 1110, §104, 301
Referred to in §10.12