Section 10.4. Multiple interests restricted.

  1.  A person who holds an interest in a networking farmers corporation holding an interest in agricultural land pursuant to section 10.3 shall not hold an interest in another farmers entity if any of the following applies:

  a.  The person holds a twenty-five percent or greater interest in a networking farmers corporation having six or fewer stockholders.

  b.  The person holds a fifteen percent or greater interest in a networking farmers corporation having seven or more stockholders.

  2.  A person who holds a majority interest in an authorized entity shall not hold a majority interest in a networking farmers corporation.

  3.  A qualified commodity share landlord who owns an interest in a networking farmers corporation holding agricultural land under section 10.3 must rent an additional one hundred fifty acres of agricultural land on a commodity share basis for each farmers entity holding agricultural land under this chapter in which the commodity share landlord acquires an interest.

98 Acts, ch 1110, §104, 301