South Dakota Codified Laws 47-9A-17. Additional information for qualification as family or authorized farm corporation
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The report of a corporation seeking to qualify hereunder as a family farm corporation or an authorized farm corporation shall contain, in addition:
(1) The number of shares owned by persons residing on the farm or actively engaged in farming, or their relatives within the third degree of kindred;
Terms Used In South Dakota Codified Laws 47-9A-17
- authorized farm corporation: means a corporation whose shareholders do not exceed ten in number, whose shareholders are all natural persons or estates, whose shares are all of one class, and whose revenues from rent, royalties, dividends, interest, and annuities do not exceed twenty percent of its gross receipts. See South Dakota Codified Laws 47-9A-15
- 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.
(2) The name, address, and number of shares owned by each shareholder; and
(3) A statement as to percentage of gross receipts of the corporation derived from rent, royalties, dividends, interest, and annuities.
Source: SL 1974, ch 294, § 5.