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Maryland Code, Corporations and Associations § 1-209

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) 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) 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.

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Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 1-209 - last updated December 31, 2021 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-1-209/

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