A corporation or limited liability company not engaged in the business of farming or ranching may own or lease farmland or ranchland, when the business of the corporation or limited liability company is conducting surface coal mining operations or related energy conversion, and when the owning or leasing of farmland or ranchland is reasonably necessary in the conduct of the business of surface coal mining or related energy conversion. When the necessity for owning or leasing of farmland or ranchland no longer exists, the exception provided in this section ceases and the corporation or limited liability company owning or leasing the lands is subject to this chapter.

Terms Used In North Dakota Code 10-06.1-06

  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
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