Find Legal Information

10.8 - MULTIPLE INTERESTS RESTRICTED.

        10.8  MULTIPLE INTERESTS RESTRICTED.
         1.  A person who holds an interest in a farmers cooperative
      association holding an interest in agricultural land pursuant to
      section 10.7 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 farmers cooperative association having six or fewer members.
         b.  The person holds a fifteen percent or greater interest in
      a farmers cooperative association 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 farmers cooperative
      association.  

         Section History: Recent Form

         98 Acts, ch 1110, §108, 301
         Referred to in §10.12