The proposed amendments to Senate Bill No. aim to update various sections of the North Dakota Century Code concerning corporate and limited liability company farming and ranching. Key changes include the clarification of the definition of "farming or ranching" to explicitly include "ranch" alongside "farm" in the context of services provided by processors or distributors. Additionally, the bill specifies that all shareholders and members of authorized livestock farm corporations and limited liability companies must be U.S. citizens or permanent residents, and it mandates that these entities must be organized in the U.S. with 100% ownership by eligible individuals.

Further amendments enhance reporting requirements for authorized livestock farm corporations and limited liability companies, including detailed disclosures about membership interests, shareholder citizenship status, and engagement in farming or ranching activities. The bill also introduces new language regarding the management structure of these entities, ensuring that all controlling individuals or organizations are compliant with U.S. ownership regulations. Overall, the bill seeks to strengthen the regulatory framework governing agricultural corporations in North Dakota while ensuring compliance with citizenship and ownership requirements.

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