(a) In this section, “family farm” means an entity that:
(1) Is a domestic entity;
(2) (i) 1. Owns, or within 1 year after filing articles of incorporation, articles of organization, or a certificate of partnership, will own or take control of property that qualifies for agricultural use assessment under § 8-209 of the Tax - Property Article; and
2. Owns only agriculturally or residentially assessed real property and personal property that is used for agricultural purposes; or
(ii) Owns only personal property that is used for agricultural or agricultural marketing purposes;
(3) Is controlled, managed, and operated by:
(i) One individual who has an equity interest in the entity; or
(ii) Two or more individuals who have an equity interest in the entity and who share its assets and earnings;
(4) Is declared in a charter provision to be a family farm; and
(5) Has no assets other than those described in item (2) of this subsection.
(b) Within 1 year after selling all of the property described in subsection (a)(2) of this section, an individual shall file a charter amendment stating that the entity is no longer a family farm.