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S.D. Codified Laws § 47-9A-17

Additional information for qualification as family or authorized farm corporation

Known as the Family Farm Act

The act spans §§ 47–47 (30 sections).

Source: SL 1974, ch 294, § 5.

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;

(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.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.