Twenty - five or more individuals residing in this state, each of whom is an adult and owns farm or ranch land valued at not less than five thousand dollars located in the county of the principal office of the proposed insurer, or any county contiguous to the county of the principal office and who collectively own, in such counties, farm property referred to in § 58-35-29 valued at not less than one hundred twenty - five thousand dollars which they desire to insure, may incorporate as a county mutual insurer.
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