This bill amends several sections of the North Dakota Century Code concerning corporate and limited liability company farming and ranching. Key changes include the definition of "farming or ranching," which now explicitly includes "livestock" in the context of services provided by processors or distributors. Additionally, the bill clarifies the eligibility criteria for shareholders and members of livestock farm corporations and limited liability companies, ensuring that all individuals must be U.S. citizens or permanent residents, and that entities must be organized in the U.S. with ownership requirements specified.

Further amendments focus on reporting requirements for authorized livestock farm corporations and limited liability companies. These include detailed disclosures about membership interests, shareholder engagement in farming or ranching, and compliance with ownership limitations on farmland or ranchland. The bill also mandates annual reports to include information on the corporation's or company's operations, income sources, and management structure, ensuring transparency and adherence to regulations governing agricultural practices in North Dakota.

Statutes affected:
INTRODUCED: 10-06.1-01, 10-06.1-12.2, 10-06.1-15.2, 10-06.1-17, 10-06.1-17.1
Prepared by the Legislative Council staff for Senator Mathern: 10-06.1-01, 10-06.1-12.2, 10-06.1-15.2, 10-06.1-17, 10-06.1-17.1
Enrollment: 10-06.1-01, 10-06.1-12.2, 10-06.1-15.2, 10-06.1-17, 10-06.1-17.1