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§ 1-209. Filing charter amendment on cessation of family farm.

MD Corp & Assn Code § 1-209 (2019) (N/A)
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(a)    In this section, “family farm” means an entity that:

(1)    Is a domestic entity;

(2)    (i)    1.    Owns, or within 1 year after filing articles of incorporation, articles of organization, or a certificate of partnership, will own or take control of property that qualifies for agricultural use assessment under § 8-209 of the Tax - Property Article; and

2.    Owns only agriculturally or residentially assessed real property and personal property that is used for agricultural purposes; or

(ii)    Owns only personal property that is used for agricultural or agricultural marketing purposes;

(3)    Is controlled, managed, and operated by:

(i)    One individual who has an equity interest in the entity; or

(ii)    Two or more individuals who have an equity interest in the entity and who share its assets and earnings;

(4)    Is declared in a charter provision to be a family farm; and

(5)    Has no assets other than those described in item (2) of this subsection.

(b)    Within 1 year after selling all of the property described in subsection (a)(2) of this section, an individual shall file a charter amendment stating that the entity is no longer a family farm.

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