§ 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.

HISTORY: 2006, ch. 199.