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Martin O'Malley, Governor
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Ch. 208
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(3) "Homeowner" means an individual who has a legal interest in a
dwelling or who is an active member of an agricultural [limited liability] OWNERSHIP
entity that has a legal interest in a dwelling.
(6) "Agricultural [limited liability] OWNERSHIP entity" means a
FAMILY CORPORATION, GENERAL PARTNERSHIP, limited liability company, or
limited liability partnership that:
(i) owns real property that:
1. includes land receiving an agricultural use
assessment under § 8-209 of this article; and
2. includes land used as a homesite that is part of or
contiguous to a parcel described in item 1 of this item;
(ii) owns personal property used to operate the agricultural
land; and
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(iii) owns no other property.
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(7) "Active member" means:
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(I) A SHAREHOLDER IN A FAMILY CORPORATION;
(II) A PARTNER IN A GENERAL PARTNERSHIP; OR
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(III) a member of a limited liability company or partner in a
limited liability partnership who has or shares the authority to manage, control, and
operate the limited liability company or limited liability partnership and who shares
the assets and earnings of the limited liability company or limited liability partnership
under an operating agreement under § 4A-402 of the Corporations and Associations
Article or under a partnership agreement.
(8) "FAMILY CORPORATION" MEANS A CORPORATION THAT DOES
NOT HAVE ANY STOCKHOLDERS OTHER THAN THE HOMEOWNER AND THE
FOLLOWING MEMBERS OF THE HOMEOWNER'S FAMILY:
(I) A SPOUSE OR FORMER SPOUSE;
(II) A CHILD OR STEPCHILD;
(III) A PARENT OR STEPPARENT;
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- 1505 -
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