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.
2. A person who holds a majority interest in an authorized entity shall not hold a majority interest in a farmers cooperative association.
98 Acts, ch 1110, §108, 301