Family farm corporation or partnership.

Family farm corporation or partnership. A private corporation or partnership involved in agricultural production in which at least 90 percent of the stock or interest is owned and controlled by persons related by blood, which shall include parents, siblings, and children, or law. If more than three separate households are supported by the farming operation, the family farm corporation or partnership must be:
(1) Legally organized and authorized to own and operate a farm business within the state;
(2) Legally able to carry out the purposes of the loan; and
(3) Prohibited from the sale or transfer of 90 percent of the stock or interest to other than family members by either the articles of incorporation, bylaws or by agreement between the stockholders or partners and the corporation or partnership.

Source

7 CFR § 3560.11

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Scoping language

Unless otherwise noted, terms listed in this part shall be defined as follows:

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