Iowa Code § 10.4
Multiple interests restricted
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2014
As of January 1, 2012
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:
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.
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.
b. The person holds a fifteen percent or greater interest in a networking farmers corporation having seven or more stockholders.
2. A person who holds a majority interest in an authorized entity shall not hold a majority interest in a networking farmers corporation.
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.
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.
98 Acts, ch 1110, §104, 301
98 Acts, ch 1110, §104, 301
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.