Section 1-209 - Filing charter amendment on cessation of family farm. - Maryland Statutes

§ 1-209. Filing charter amendment on cessation of family farm.
 

(a)  "Family farm" defined.- In this section, "family farm" means an entity that: 

(1) Is a domestic entity; 

(2) (i) 1. Owns, or within 1 year after filing articles of incorporation, articles of organization, or a certificate of partnership, will own or take control of property that qualifies for agricultural use assessment under § 8-209 of the Tax - Property Article; and 

2. Owns only agriculturally or residentially assessed real property and personal property that is used for agricultural purposes; or 

(ii) Owns only personal property that is used for agricultural or agricultural marketing purposes; 

(3) Is controlled, managed, and operated by: 

(i) One individual who has an equity interest in the entity; or 

(ii) Two or more individuals who have an equity interest in the entity and who share its assets and earnings; 

(4) Is declared in a charter provision to be a family farm; and 

(5) Has no assets other than those described in item (2) of this subsection. 

(b)  In general.- Within 1 year after selling all of the property described in subsection (a)(2) of this section, an individual shall file a charter amendment stating that the entity is no longer a family farm. 
 

[2006, ch. 199.]