Text: H01805 Text: H01807 Text: H01800 - H01899 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 726 as follows: 1 2 #1. Page 1, by inserting after line 2 the 1 3 following: 1 4 "Sec. . Section 9H.1, Code 1997, is amended by 1 5 adding the following new subsection: 1 6 NEW SUBSECTION. 2A. "Authorized entity" means an 1 7 authorized farm corporation; authorized trust; 1 8 authorized limited liability company; or limited 1 9 partnership, other than a family farm limited 1 10 partnership, which owns or leases agricultural land. 1 11 Sec. . Section 9H.5, subsection 2, Code 1997, 1 12 is amended by striking the subsection and inserting in 1 13 lieu thereof the following: 1 14 2. a. A person who holds an interest in an 1 15 authorized entity shall not hold an interest in 1 16 another authorized entity, if all authorized entities 1 17 in which the person would hold an interest own or 1 18 lease a combined total of more than one thousand five 1 19 hundred acres of agricultural land. If a person holds 1 20 an interest in more than one authorized entity, all 1 21 authorized entities in which the person holds an 1 22 interest shall not own or lease a combined total of 1 23 more than one thousand five hundred acres of 1 24 agricultural land. 1 25 b. As used in this section, an interest in an 1 26 authorized entity means holding an interest as any of 1 27 the following: 1 28 (1) A stockholder of an authorized farm 1 29 corporation. 1 30 (2) A beneficiary of an authorized trust. 1 31 (3) A limited partner in a limited partnership 1 32 which owns or leases agricultural land, other than a 1 33 family farm limited partnership. 1 34 (4) A member of an authorized limited liability 1 35 company. 1 36 c. This subsection shall not apply to the extent 1 37 that an interest in an authorized entity was held on 1 38 or before July 1, 1988. 1 39 Sec. . Section 9H.5, subsection 3, paragraph a, 1 40 Code 1997, is amended to read as follows: 1 41 a. An authorized farm corporation, authorized 1 42 trust, authorized limited liability company, or 1 43 limited partnership violating this section shall be 1 44 assessed a civil penalty of not more than twenty-five 1 45 thousand dollars and shall divest itself of any land 1 46 held in violation of this section within one year 1 47 after judgment. A civil penalty of not more than one 1 48 thousand dollars may be imposed on a person who 1 49becomesholds an interest in an authorized entity by 1 50 being a stockholder of an authorized farm corporation, 2 1 beneficiary of an authorized trust, member of an 2 2 authorized limited liability company, or limited 2 3 partner in a limited partnership in violation of this 2 4 section. The person shall divest the interest held by 2 5 the person in the corporation, trust, limited 2 6 liability company, or limited partnership to comply 2 7 with this section. The court may determine the method 2 8 of divesting an interest held by a person found to be 2 9 in violation of this chapter. A financial gain 2 10 realized by a person who disposes of an interest held 2 11 in violation of this chapter shall be forfeited to the 2 12 state's general fund. All court costs and fees shall 2 13 be paid by the person holding the interest in 2 14 violation of this chapter." 2 15 #2. By renumbering as necessary. 2 16 2 17 2 18 2 19 MEYER of Sac 2 20 HF 726.702 77 2 21 mg/sc/28
Text: H01805 Text: H01807 Text: H01800 - H01899 Text: H Index Bills and Amendments: General Index Bill History: General Index
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