Loss of qualification--Requalification or dissolution.
If a family farm corporation or
family farm syndicate that has qualified under all the requirements of a family farm corporation
or a family farm syndicate ceases to meet the defined criteria, it has twenty years, if the
ownership of the majority of the stock of such corporation, or the majority of the ownership
interest of such syndicate, continues to be held by persons related to one another within the
fourth degree of kinship or their spouses, and their land holdings are not increased, to either
requalify as a family farm corporation or family farm syndicate or dissolve and return to personal
History: Section proposed by initiated measure, ch 333, adopted Nov. 3, 1998.