Can somebody wake up Cowboy Joe?
From a recent Benzinga news story:
What Happened: North Dakota Attorney General Drew Wrigley shot off a letter to the Gates-linked Red River Trust this week, reported KFYR, Bismarck, North Dakota-based T.V. station.
Wrigley asked the company how they intend to use the land and if they meet exceptions to the state’s corporate farming laws.
"All corporations or limited liability companies (LLC) are prohibited from owning or leasing farmland or ranchland and from engaging in farming or ranching," the letter states, as per the report.
"In addition, the law places certain limitations on the ability of trusts to own farmland or ranchland."
The company has 30 days to respond to the letter dated June 21. Public reaction to the Red River purchase has not been positive, reported KFYR.
North Dakota is practically right next door. They're prohibiting corporate ownership of ag land, in the interest of protecting local farmers and ranchers.
Iowa requires ag land to be owned by people actually farming it.
So does Quebec.
I'm not saying that no corporate ownership must be the rule, as there are corporations made up of farming and ranching interests. But remote, disant, investment, ownership with no local ties. . . ?
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