§ 47-9A-2 — Definition of terms.

South Dakota § 47-9A-2

• Jurisdiction: South Dakota
• Title 47: CORPORATIONS
• Ch. 47-9: CORPORATE FARMING RESTRICTIONS

Text

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.

Legislative History

SL 1974, ch 294, § 3 (1), (3), (4); SL 1993, ch 344, § 39GG; SL 2004, ch 276, § 1.