1. (a) Except for a permit for early entry issued under 11 AAC 39.705(a)(1), the board may approve a loan, or dispose of cropland to an individual only if that individual is a resident of the state under AS 01.10.055 at the time

   1. (1) the lease, permit, or agreement is executed; and
   2. (2) if the cropland is to be purchased, title is conveyed.

2. (b) Except for a permit for early entry issued under 11 AAC 39.705(a)(1), the board may make a loan, or dispose of cropland to a corporation, partnership or other association only if the majority ownership is held by persons who are residents of the state under AS 01.10.055 at the time

   1. (1) the lease, permit, or agreement is executed; and
   2. (2) if the cropland is to be purchased, title is conveyed.

(Eff. 10/27/2002, Register 164)