10D.2 - QUALIFIED ENTERPRISES -- AGRICULTURAL LAND INTERESTS. - Iowa Statutes

10D.2 QUALIFIED ENTERPRISES -- AGRICULTURAL LAND INTERESTS. Notwithstanding any other provision of law, a qualified enterprise may acquire or hold an ownership or leasehold interest in agricultural land as long as the qualified enterprise complies with all of the following requirements: 1. The enterprise files a notice with the secretary of state not later than June 30, 2002. The notice shall be a simple statement providing the name of the enterprise and the address of the enterprise's registered office or registered agent. The notice shall indicate that the enterprise intends to acquire or hold an interest in agricultural land under this chapter. The secretary of state shall file the notice together with reports required for the enterprise as required in chapter 10B. 2. The enterprise holds a total of not more than one thousand two hundred eighty acres of agricultural land. The enterprise must hold not more than eight hundred acres of agricultural land in any one county. 3. The enterprise only holds the agricultural land for a designated or incidental use. a. A designated use must relate to producing baby chicks or fertile chicken eggs for any of the following purposes: (1) Sale or resale as breeding stock or breeding stock progeny. (2) Research, testing, or experimentation related to the genetic characteristics of chickens. (3) The production and sale of products using biotechnological systems or techniques for purposes of manufacturing animal vaccine, pharmaceutical, or nutriceutical products. b. An incidental use must be for a purpose related to the sale of a surplus commodity or cull animal that is produced or kept on the agricultural land, or to the sale of any by-product that is produced as part of a designated use.          Section History: Recent Form 2002 Acts, ch 1028, §4, 6