AN ACT to amend and reenact subsection 7 of section 10-06.1-01, subsection 3 of section 10-06.1-12.2, subdivision b of subsection 1 of section 10-06.1-15.2, subdivision d of subsection 3 of section 10-06.1-17, and subsection 3 of section 10-06.1-17.1 of the North Dakota Century Code, relating to corporate or limited liability company farming and ranching.

Updated the definition of 'farming or ranching' to explicitly include livestock backgrounding and finishing, while maintaining exclusions for agricultural support services, aquaculture, beekeeping, timber production, marijuana cultivation, and certain processing contracts.

Refined shareholder and member eligibility requirements to specify that all individual shareholders or members must be U.S. citizens, permanent resident aliens, or authorized individuals under section 47-10.1-02.

Added new reporting requirements for annual reports to include statements about whether individuals will be actively engaged in farming or ranching, and whether non-individual entities are incorporated in the United States with 100% ownership by eligible persons.

Minor formatting and layout changes to align with standard legislative document formatting conventions.