Section 47-9A-15 - Qualifications of authorized small farm corporation.

47-9A-15. Qualifications of authorized small farm corporation. As used in this chapter, unless the context otherwise plainly requires, "authorized farm corporation" means a corporation whose shareholders do not exceed ten in number, whose shareholders are all natural persons or estates, whose shares are all of one class, and whose revenues from rent, royalties, dividends, interest, and annuities do not exceed twenty percent of its gross receipts.

Source: SL 1974, ch 294, § 3 (2).