§ 47-9A-2 Definition of terms.

SD Codified L § 47-9A-2 (2019) (N/A)

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47-9A-2. Definition of terms. Terms used in this chapter, unless the context otherwise plainly requires, mean:

(1) "Agricultural land," land used for farming;

(2) "Corporation" or any derivation of "corporation," both corporations under the South Dakota Business Corporation Act and limited liability companies under the South Dakota Limited Liability Company Act;

(2A) "Family," all descendants born of common parents after the year 1900 as well as their spouses, step-children, and adopted children. Once a person is a family member subsequent events such as death or divorce, do not disqualify that person from being a family member under this chapter.

(3) "Family farm," an unincorporated farming unit owned by one or more persons residing on the farm or actively engaging in farming;

(4) "Farming," the cultivation of land for the production of agricultural crops; livestock or livestock products; poultry or poultry products; milk or dairy products; or fruit or other horticultural products. It shall not include the production of timber or forest products; nor shall it include a contract whereby a processor or distributor of farm products or supplies provides spraying, harvesting or other farm services;

(5) "Shareholders" or "stockholders," include the members of a limited liability company; and

(6) "Shares" or "stock," include membership interests in a limited liability company.Source: SL 1974, ch 294, § 3 (1), (3), (4); SL 1993, ch 344, § 39GG; SL 2004, ch 276, § 1.

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§ 47-9A-3 Corporate farming and acquisition of interest in farm real estate prohibited.