§ 2-3-110 - Agricultural land used for nonfarming purposes and mineral leases.
2-3-110. Agricultural land used for nonfarming purposes and mineral leases.
(a) The restrictions set forth in this chapter do not apply to agricultural land acquired by a foreign party for immediate or potential use for nonfarming purposes.
(b) A foreign party who acquires agricultural land for nonfarming purposes shall not be required to make a filing or report under this chapter.
(c) (1) A foreign party who acquires agricultural land under subsection (a) of this section and later uses the agricultural land for farming purposes shall register as required in this chapter within sixty (60) days of the change in use.
(2) Failure to register ownership for the use of agricultural land for farming purposes under subdivision (c)(1) of this section shall be subject to actions as provided in 2-3-106 and 2-3-107.
(d) The restrictions set forth in this chapter do not apply and no reporting requirement attaches to leases or other conveyances granting the right to explore for and produce the oil, gas, and all other minerals, including coal, lignite, brine, and all minerals known and recognized as commercial minerals underlying the land, and oil, gas, coal, lignite, brine, and other mineral or royalty interests regardless of type or duration, easements, or tracts of land reasonably necessary for the extraction of oil, gas, and all other minerals, including coal, lignite, brine, and all minerals known and recognized as commercial minerals underlying the land.