Each filing entity or qualified foreign entity, except a bank organized under § 51A-3-1.1, a limited partnership organized pursuant to chapter 48-7, or a series of a limited liability company established under §§ 47-34A-701 to 47-34A-707, inclusive, shall deliver to the Office of the Secretary of State for filing an annual report that sets forth:

1. (1) The name of the filing entity or qualified foreign entity;
2. (2) The jurisdiction under whose law it is formed;
3. (3) The address of its principal office, wherever located;
4. (4) The information required by § 59-11-6;

5. (5) The names and business addresses of its governors except:

   1. (a) If a business corporation has eliminated its board of directors pursuant to § 47-1A-732, the annual report must set forth the names of the shareholders instead; and
   2. (b) If a limited liability company is member-managed, the names and business addresses of its governors need not be set forth; and

6. (6) Whether the entity owns any agricultural land, as defined in § 43-2A-1, and, if so, whether the entity has any foreign beneficial owners. If the entity referenced in subdivision (6) is a foreign entity or has any foreign beneficial owners, the filing must also include:

   1. (a) A legal description of the agricultural land or a description of the land's common location;
   2. (b) The total acreage of agricultural land held by the entity; and
   3. (c) The current use of the agricultural land.

   Information in the annual report must be current as of the date the annual report is executed on behalf of the filing entity or qualified foreign entity. Any other provisions of law notwithstanding, the annual report may be executed by any authorized person. Any amendment filed is a supplement to, and not in place of, the annual filing required by this section.

   On or before December first of each year, the Office of the Secretary of State shall make available to the public an aggregated report listing all foreign entities and entities with foreign beneficial ownership that indicated they owned agricultural land during the reporting period. For each entity listed, the report must include the information gathered under this section.

Source: SL 2008, ch 275 , § 24; SL 2015, ch 258 , § 4, eff. Jan. 1, 2016; SL 2020, ch 200 , § 13, eff. Nov. 15, 2020; SL 2023, ch 169 , § 1; SL 2024, ch 176 , § 12.