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Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 350

previous next Effective - 28 Aug 1975bottom

  350.010.  Definitions. — For the purposes of this section, the terms defined in this section have the meanings here given them:

  (1)  "Agricultural land" means land used for farming.

  (2)  "Authorized farm corporation" means a corporation meeting the following standards:

  (a)  All of its shareholders, other than any estate, or revocable and irrevocable trusts, are natural persons;

  (b)  It must receive two-thirds or more of its total net income from farming as defined in this section;

  (3)  "Corporation" means a corporation or a cooperative.

  (4)  "Family farm" means an unincorporated farming unit owned or leased by one or more persons residing on the farm or actively engaging in farming.

  (5)  "Family farm corporation" means a corporation incorporated for the purpose of farming and the ownership of agricultural land in which at least one-half of the voting stock is held by and at least one-half of the stockholders are members of a family related to each other within the third degree of consanguinity or affinity including the spouses, sons-in-law and daughters-in-law of any such family member according to the rules of the common law, and at least one of whose stockholders is a person residing on or actively operating the farm, and none of whose stockholders are a corporation prohibited by section 350.015 from entering into farming, or any corporation which is subject to the controlled expansion provisions of section 350.015; provided that a family farm corporation shall not cease to qualify as such hereunder by reason of any gift, devise or bequest of shares of voting stock.  A person actively operating a farm shall include, but not be limited to, a person who has an ownership interest in the family farm corporation and exercises some management control or direction.

  (6)  "Farming" means using or cultivating land for the production of (a) agricultural crops; (b) livestock or livestock products; (c) poultry or poultry products; (d) milk or dairy products; or (e) fruit or other horticultural products, provided; however, "farming" shall not include a processor of farm products or a distributor of farming supplies contracting to provide spraying, harvesting or other farming services.

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(L. 1975 H.B. 655 § 1)

(1988) Chapter 350, RSMo, is rationally related to a legitimate state interest and does not violate the equal protection clauses of federal and state constitutions. State ex rel.  Webster v. Lehndorff Geneva, 744 S.W.2d 801 (En Banc).


---- end of effective   28 Aug 1975 ----

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