47-9A-2. Definition of terms.

208 words·~1 min read·/sd/title-47/chapter-47-9/47-9a-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Terms used in this chapter, unless the context otherwise plainly requires, mean:

(1)"Agricultural land," land used for farming;

(2)"Corporation" or any derivation of "corporation," both corporations under the South Dakota Business Corporation Act and limited liability companies under the South Dakota Limited Liability Company Act;

(2A)"Family," all descendants born of common parents after the year 1900 as well as their spouses, step - children, and adopted children. Once a person is a family member subsequent events such as death or divorce, do not disqualify that person from being a family member under this chapter.

(3)"Family farm," an unincorporated farming unit owned by one or more persons residing on the farm or actively engaging in farming;

(4)"Farming," the cultivation of land for the production of agricultural crops; livestock or livestock products; poultry or poultry products; milk or dairy products; or fruit or other horticultural products. It shall not include the production of timber or forest products; nor shall it include a contract whereby a processor or distributor of farm products or supplies provides spraying, harvesting or other farm services;

(5)"Shareholders" or "stockholders," include the members of a limited liability company; and

(6)"Shares" or "stock," include membership interests in a limited liability company.