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9 the following: 10 a. Inspects the production activities periodically 11 and furnishes at least half of the value of the tools 12 used for crop or livestock production and pays at 13 least half the direct cost of crop or livestock 14 production. 15 b. Regularly and frequently makes or takes an 16 important part in making management decisions 17 substantially contributing to or affecting the success 18 of the farm operation. 19 c. Performs physical work which significantly 20 contributes to crop or livestock production." 21 2. Page 1, by inserting after line 14 the 22 following: 23 "___. "Commodity share landlord" means a natural 24 person or a general partnership as provided in chapter 25 486 in which all partners are natural persons, who 26 owns at least one hundred fifty acres of agricultural 27 land, if the owner receives rent on a commodity share 28 basis, which may be either a share of the crops or 29 livestock produced on the land." 30 3. Page 1, by striking lines 27 through 29 and 31 inserting the following: 32 "___. "Farmers cooperative association" means a 33 cooperative association organized under chapter 490 or 34 499, if all of the following conditions are satisfied: 35 a. All of the following apply: 36 (1) Qualified farmers must hold at least a fifty- 37 one percent equity interest in the cooperative 38 association, including fifty-one percent of each class 39 of members' equity. 40 (2) The following persons must hold at least a 41 seventy percent equity interest in the cooperative 42 association, including seventy percent of each class 43 of members' equity: 44 (a) A qualified farmer. 45 (b) A family farm entity. 46 (c) A commodity share landlord. 47 b. As used in this subsection, "members' equity" 48 includes but is not limited to issued shares, 49 including common stock or preferred stock, regardless 50 of a right to receive dividends or earning Page 2 1 distributions. However, "members' equity" does not 2 include nonvoting common stock or nonvoting membership 3 interests. A security such as a warrant or option 4 that may be converted to voting stock shall be 5 considered as issued shares. 6 c. For purposes of this subsection, a person who 7 was a qualified person within the last ten years shall 8 be treated as a qualified person."
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