10-06.1-15. Initial report - Farming or ranching corporation shareholder and farming or ranching limited liability member requirements

10-06.1-15. Initial report - Farming or ranching corporation shareholder and farming or ranching limited liability member requirements. 1. Every farming or ranching corporation or farming or ranching limited liability company shall file an initial report with its articles of incorporation, articles of organization, or certificate of authority. The report must be signed by the incorporators or organizers or, in the case of a certificate of authority, an authorized person, and must contain the following: a. The name of the farming or ranching corporation or farming or ranching limited liability company. b. With respect to each shareholder or member: (1) The name and address of each, including the names and addresses and relationships of trusts and estates that own shares or membership interests; (2) The number of shares or membership interests or percentage of shares or membership interests owned by each; (3) The relationship of each; (4) A statement of whether each is a citizen or permanent resident alien of the United States; and (5) A statement of whether each will be actively engaged in operating the farm or ranch. c. With respect to management: (1) If a farming or ranching corporation, the names and addresses of the officers and members of the board of directors; or (2) If a farming or ranching limited liability company, the names and addresses of the managers, members authorized under a statement of authority, and members of the board of governors. d. If the purchase or lease of farmland or ranchland is final at the time of the initial report, a statement listing the acreage [hectarage] and location listed by section, township, range, and county of all farmland or ranchland owned or leased by the farming or ranching corporation or farming or ranching limited liability company. If the purchase or lease of farmland or ranchland is not yet final at the time of the initial report, a statement that there is a bona fide and imminent intent and a plan to purchase or lease farmland or ranchland. e. A statement that at least sixty-five percent of the gross income of the farming or ranching corporation or farming or ranching limited liability company will be derived from engaging in the business of farming or ranching, and that twenty percent or less of the gross income of the corporation or limited liability company will be from nonfarm rent, nonfarm royalties, dividends, interest, and annuities. 2. A farming or ranching corporation or a farming or ranching limited liability company may not commence farming or ranching in this state until the secretary of state has received and filed the articles of incorporation, articles of organization, or certificate of authority, and the initial report required under this section. 3. The farming or ranching corporation or farming or ranching limited liability company shall furnish to the official county newspaper of each county or counties in which farmland or ranchland is owned or leased by the corporation or limited liability company a legal notice reporting the following: a. The name of the farming or ranching corporation or farming or ranching limited liability company and its shareholders or members as listed in the initial report. b. A statement that the farming or ranching corporation or farming or ranching limited liability company has reported that it owns or leases farmland or ranchland in the county and that a description of that land is available for inspection at the office of the secretary of state.