South Dakota Codified Laws 47-9A-5. Certain limited liability entities exempt from restrictions
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The restrictions of §§ 47-9A-1 and 47-9A-3 do not apply to agricultural land and land capable of being used for farming which:
(1) Was owned by a corporation as of July 1, 1974, including the normal expansion of such ownership at a rate not to exceed twenty percent, measured in acres, in any five–year period; or
Terms Used In South Dakota Codified Laws 47-9A-5
- 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
(2) Is leased by a corporation in an amount, measured in acres, not to exceed the acreage under lease to such corporation as of July 1, 1974, and the additional acreage required for normal expansion at a rate not to exceed twenty percent in any five–year period;
and the additional acreage necessary to meet the requirements of pollution control regulations.
Source: SL 1974, ch 294, § 4 (3), (6); SL 2004, ch 277, § 3.