Text: H03423 Text: H03425 Text: H03400 - H03499 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 163 as follows: 1 2 #1. Page 1, by inserting after line 7 the 1 3 following: 1 4 "Sec. . Section 9H.1, subsection 3, Code 1995, 1 5 is amended to read as follows: 1 6 3. "Authorized farm corporation" means a 1 7 corporation other than a family farm corporation 1 8 founded for the purpose of farming and the ownership 1 9 of agricultural land in which all of the following 1 10 applies: 1 11 a. The stockholders do not exceed twenty-five in 1 12 number; and. 1 13 b. The stockholders are all natural persons or 1 14 persons acting in a fiduciary capacity for the benefit 1 15 of natural persons or nonprofit corporations. 1 16 c. The revenue of the corporation from rent, 1 17 royalties, dividends, interest, and annuities does not 1 18 exceed twenty percent of its gross receipts." 1 19 #2. Page 2, by inserting after line 17 the 1 20 following: 1 21 "Sec. . NEW SECTION. 9H.12 AUTHORIZED FARM 1 22 CORPORATIONS ESTABLISHED PRIOR TO THE EFFECTIVE DATE 1 23 OF THIS ACT. 1 24 An authorized farm corporation established before 1 25 the effective date of this Act may continue to hold or 1 26 lease agricultural land as provided prior to the 1 27 effective date of this Act for as long as the 1 28 authorized farm corporation continues to hold or lease 1 29 such agricultural land." 1 30 #3. By renumbering as necessary. 1 31 1 32 1 33 1 34 WEIGEL of Chickasaw 1 35 HF 163.703 76 1 36 da/sc
Text: H03423 Text: H03425 Text: H03400 - H03499 Text: H Index Bills and Amendments: General Index Bill History: General Index
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