1. A person who holds an interest in a networking farmers limited liability company holding an interest in agricultural land pursuant to section 10.5 shall not hold an interest in another farmers entity, if any of the following applies: a. The person holds a twenty-five percent or greater interest in a networking farmers limited liability company having six or fewer members. b. The person holds a fifteen percent or greater interest in a networking farmers limited liabilitycompany having seven or more members. 2. A person who holds a majority interest in an authorized entity shall not hold amajority interest in a networking farmers limited liability company. 3. A qualified commodity share landlord who owns an interest in a networking farmers limited liability company holding agricultural land under section 10.5 must rent an additional one hundred fiftyacres of agricultural land on a commodity share basis for each farmers entity holding agricultural land under this chapter in which the commodity share landlord acquires an interest.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.