10.6 - MULTIPLE INTERESTS RESTRICTED.
10.6 MULTIPLE INTERESTS RESTRICTED.
1. A person who holds an interest in a networking farmers limited
liability company holding an interest in agricultural land pursuant
to section 10.5 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 limited liability company having six or fewer
members.
b. The person holds a fifteen percent or greater interest in
a networking farmers limited liability company having seven or more
members.
2. A person who holds a majority interest in an authorized entity
shall not hold a majority interest in a networking farmers limited
liability company.
3. A qualified commodity share landlord who owns an interest in a
networking farmers limited liability company holding agricultural
land under section 10.5 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, §106, 301
Referred to in §10.12