Landholdings restricted.

; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; courier new tur ; arial (vietnamese) ; courier new (arabic) ; times new roman ce ; tahoma (vietnamese) ; arial (hebrew) ; times new roman cyr ; courier new greek ; symbol ; tahoma (hebrew) ; arial ; arial baltic ; arial tur ; times new roman (arabic) ; courier new ; imperial bt ; tahoma ce ; wingdings ; tahoma cyr ; times new roman tur ; courier new ce ; tahoma ; courier new (hebrew) ; arial (arabic) ; courier new baltic ; courier new cyr ; times new roman ; tahoma baltic ; tahoma (arabic) ; arial ce ; courier new (vietnamese) ; tahoma (thai) ; times new roman greek ; tahoma greek ; tahoma tur ; times new roman (hebrew) ; times new roman baltic ; times new roman (vietnamese) ; arial greek ; arial cyr ; \* .;
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 ?; ; ; Normal ; heading 1 ; heading 2 ; heading 3 ; heading 4 ; heading 5 ; heading 6 ; heading 7 ; heading 8 ; heading 9 ; Balloon Text ; Block Text ; Body Text ; Body Text 2 ; Body Text 3 ; Body Text First Indent ; Body Text First Indent 2 ; Body Text Indent 2 ; Body Text Indent 3 ; caption ; Closing ; annotation text ; annotation subject ; Date ; Document Map ; E-mail Signature ; endnote text ; envelope address ; envelope return ; footer ; footnote text ; header ; HTML Address ; HTML Preformatted ; index 1 ; index 2 ; index 3 ; index 4 ; index 5 ; index 6 ; index 7 ; index 8 ; index 9 ; index heading ; List ; List 2 ; List 3 ; List 4 ; List 5 ; List Bullet ; List Bullet 2 ; List Bullet 3 ; List Bullet 4 ; List Bullet 5 ; List Continue ; List Continue 2 ; List Continue 3 ; List Continue 4 ; List Continue 5 ; List Number ; List Number 2 ; List Number 3 ; List Number 4 ; List Number 5 ; macro ; Message Header ; Normal (Web) ; Normal Indent ; Note Heading ; Plain Text ; Salutation ; Signature ; Subtitle ; table of authorities ; table of figures ; Title ; toa heading ; toc 1 ; toc 2 ; toc 3 ; toc 4 ; toc 5 ; toc 6 ; toc 7 ; toc 8 ; toc 9 ; \~\~ \~\~ \~\~ \~\~ \~\~ 10.5 \~\~ Landholdings restricted. \~\~ 1. \~\~ Notwithstanding section 9H.4 , a networking farmers limited liability company may hold agricultural land in this state if it meets all of the following conditions: \~\~ a. \~\~ The networking farmers limited liability company does not hold an interest in agricultural land of more than six hundred forty acres. \~\~ b. \~\~ At least seventy-five percent of the networking farmers limited liability company’s gross receipts from farming are from the sale of livestock or livestock products. \~\~ 2. \~\~ a. \~\~ An interest in agricultural land held by a networking farmers limited liability company shall be attributable as an interest in agricultural land held by a member having an interest in the networking farmers limited liability company. The member shall be deemed to hold an interest in agricultural land held by the networking farmers limited liability company in proportion to the interest that the member holds in the networking farmers limited liability company. \~\~ b. \~\~ Except to the extent provided in this paragraph, a member holding agricultural land by attribution shall be subject to landholding restrictions imposed pursuant to the Code, including sections 9H.4 , 9H.5 , 9I.3 , and 501.103 . However, notwithstanding section 9H.4 , a cooperative association may hold an interest in any number of farmers entities, if the total number of acres held by the farmers entities and attributable to the cooperative association is six hundred forty acres or less. \~\~ c. \~\~ The member’s proportionate interest shall be calculated by multiplying the number of acres of agricultural land held by the networking farmers limited liability company by the percentage interest in the networking farmers limited liability company held by the member. \~\~ 3. \~\~ In the event of a transfer of an interest in the networking farmers limited liability company by operation of law, the networking farmers limited liability company may disregard the transfer for purposes of determining compliance with subsection 1 for a period of two years after the transfer. 98 Acts, ch 1110, §105, 301 Referred to in §10.6 , 10.11