§ 1-209
193 words·~1 min read·
/md/corporations-and-associations/1-209·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§1–209.
(a)In this section, “family farm” means an entity that:
(1)Is a domestic entity;
(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.