Ark. Code § 2-3-102

Current with legislation from 2024 Fiscal and Special Sessions.

Section 2-3-102 - [Suspended See Note] Definitions

As used in this chapter, unless the context otherwise requires:

(1) "Agricultural land" means any Arkansas land which is outside the corporate limits of a municipality and is used or capable, without substantial modification to the character of the land, of use for agricultural, forestry, or timber production, but does not include oil, gas, and all other minerals, including coal, lignite, brine, and all minerals known and recognized as commercial minerals underlying the land;

(2) "Foreign government" means any government other than the federal government or any government of a state or a political subdivision of a state;

(3) "Foreign party" means:

(A) Any individual who is not a citizen of the United States and who is not a resident of some state, territory, or possession of the United States;

(B) Any foreign government;

(C) Any party, other than an individual or a government, which is created or organized under the laws of a foreign government or which has its principal place of business located outside the United States;

(D) Any party other than an individual or a government:

(i) Which is created or organized under the laws of any state; and

(ii) In which a significant interest is directly or indirectly held or in which not insubstantial control is directly or indirectly held or is capable of being exercised by:

(a) Any individual referred to in subdivision (3)(A) of this section;

(b) Any foreign government;

(c) Any party referred to in subdivision (3)(C) of this section;

(d) Any combination of such individuals, parties, or government; and

(E) Any agent, trustee, or other fiduciary of a person or entity enumerated in this subdivision (3); and

(4) "Party" means any individual, corporation, company, association, firm, partnership, society, joint-stock company, trust, estate, or any other legal entity.

Ark. Code § 2-3-102

Acts 1979, No. 1096, § 2; A.S.A. 1947, § 77-2202.

Pursuant to section 2-3-111, which became effective 7/28/2021, sections 2-3-101 through 2-3-110 are suspended while the Agricultural Foreign Investment Disclosure Act, 7 U.S.C. § 3501 et seq., is in effect .