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.

Terms Used In Iowa Code 10.8

  • 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
  • Cooperative association: means an entity which is structured and operated on a cooperative basis pursuant to 26 U. See Iowa Code 10.1
  • Farmers cooperative association: means a cooperative association organized under chapter 490 or 499, if all of the following conditions are satisfied:
     a. See Iowa Code 10.1
  • 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
  • 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 farmers cooperative association.
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