South Dakota Codified Laws 47-9A-14. Family farm corporation defined
As used in this chapter, the term, family farm corporation, means any corporation founded for the purpose of farming and the ownership of agricultural land in which the majority of the voting stock is held by members of a family, an estate of a family member, or a trust that benefits members of the family, and at least one of whose stockholders is a person who is residing on or actively operating the farm or who has resided on or has actively operated the farm, and none of whose stockholders are corporations. Transfers of shares to persons who are or have been family members are qualified as a family member under this chapter.
Terms Used In South Dakota Codified Laws 47-9A-14
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- stock: include membership interests in a limited liability company. See South Dakota Codified Laws 47-9A-2
- stockholders: include the members of a limited liability company. See South Dakota Codified Laws 47-9A-2
Source: SL 1974, ch 294, § 3 (5); SL 1984, ch 298; SL 1985, ch 369; SL 1988, ch 371, § 2; SL 2004, ch 276, § 2.