Section 350.020

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 350

Effective - 28 Aug 1979   

  350.020.  Reports required, when — penalty for failure to file or false report. — 1.  Every corporation engaged in farming, or proposing to commence farming, in this state after September 28, 1975, shall file with the director of the state department of agriculture a report containing the following information:

  (1)  The name of the corporation and its place of incorporation;

  (2)  The address of the registered office of the corporation in this state, the name and address of its registered agent in this state and, in the case of a foreign corporation, the address of its principal office in its place of incorporation;

  (3)  The acreage and location listed by section, township, and county of each lot or parcel of land in this state owned or leased by the corporation and used for farming; and

  (4)  The names and addresses of the officers and the members of the board of directors of the corporation.

  2.  The report of a corporation seeking to qualify hereunder as a family farm corporation or an authorized farm corporation shall contain the following additional information:

  (1)  The number of shares owned by persons residing on the farm or actively engaged in farming, or their relatives within the third degree of consanguinity or affinity including their spouses, sons-in-law and daughters-in-law according to the rules of the common law;

  (2)  The name, address and number of shares owned by each shareholder; and

  (3)  A statement as to percentage of net receipts of the corporation derived from any sources other than farming.

  3.  No corporation shall commence farming in this state until it has filed the report required by this section.

  4.  Every corporation, except a family farm corporation, engaged in farming in this state shall file with the director of the state department of agriculture a report containing the information required in subsection 1 of this section.  Said reports shall be filed:

  (1)  Whenever any of the information required in subsection 1 changes;

  (2)  Whenever ownership of the controlling interest in the corporation changes; and

  (3)  Whenever the land owned or leased by the corporation ceases to be used for farming or is sold by the corporation.

  5.  The failure of a corporation to file a required report, or the use of false information in the report, shall be a misdemeanor for which the corporation shall be punished by a fine of not less than five hundred dollars or more than one thousand dollars.

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(L. 1975 H.B. 655 § 3, A.L. 1979 S.B. 41)