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.
98 Acts, ch 1110, §104, 301
Referred to in §10.12
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