Legislative Session number- 81

Bill Name: SF3031

E Modifying certain provisions regulating corporate and partnership farming;
modifying certain definitions to provide for family farm trusts, defining family
farm trust and eliminating the definition of benevolent trust; defining and
providing for family and authorized farm limited liability companies, specifying
certain membership interest transfer restrictions; redefining demonstration
corporation as nonprofit corporation and defining current beneficiary and de
minimis; authorizing certain corporations, pension or investment funds, trusts
or limited partnerships to petition the commissioner of agriculture for an
exemption from farming restrictions, requiring the commissioner to annually
review exempt entities for continuing qualification determination purposes,
requiring annual commissioner reports to the legislature of exempt entities;
expanding certain reporting requirements to the exempt entities, to family farm
trusts and to limited liability companies (mk, ja)