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.

Terms Used In Iowa Code 10.4

  • Agricultural land: means the same as defined in section 9H. See Iowa Code 10.1
  • Authorized entity: means an authorized farm corporation; authorized limited liability company; limited partnership, other than a family farm limited partnership; or an authorized trust as defined in section 9H. See Iowa Code 10.1
  • Commodity share landlord: means a natural person or a general partnership as provided in chapter 486A in which all partners are natural persons, who owns at least one hundred fifty acres of agricultural land, if the owner receives rent on a commodity share basis, which may be either a share of the crops or livestock produced on the land. See Iowa Code 10.1
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Farmers entity: means a networking farmers entity, farmers cooperative limited liability company, or farmers cooperative association. See Iowa Code 10.1
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Networking farmers corporation: means a corporation, other than a family farm corporation as defined in section 9H. See Iowa Code 10.1
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
 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.
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