Corporations doing business in South Dakota have to register and file annual reports with the Secretary of State. However, the Secretary of State would like to let corporations engaged in farming off the reporting hook.
Every corporation engaged in farming in this state shall, prior to the first day of the second month following the anniversary month of the corporation of each year, file with the secretary of state a report containing the information required in this chapter, based on its operations in the preceding calendar year and its status at the end of such year [SDCL 47-9A, 19, targeted for repeal by HB 1038].
Curiously, HB 1038 leaves on the books the following ag-corp reporting laws:
- SDCL 47-9A-16 requires ag-corps file agent, acreage, and location info.
- SDCL 47-9A-17 requires a list of shareholders and a statement of receipts from rent, royalties, dividends, interest, and annuities.
- SDCL 47-9A-18 says ag-corps can’t farm until the Secretary of State sees the above information.
- SDCL 47-9A-20 busts ag-corps for failure to file or false filing with a civil penalty of up to $1,000.
Farmers in the audience, maybe you can help us out. Current law requires corporations engaged in farming to file the above information. HB 1038 repeals the obligation to file that report yearly. So if HB 1038 passes, do ag-corps have to file reports or not?