Page:United States Statutes at Large Volume 92 Part 1.djvu/1317

 PUBLIC LAW 95-460—OCT. 14, 1978

92 STAT. 1263

Public Law 95-460 95th Congress An Act To require foreign persons who acquire, transfer, or hold interests in agricultural land to report such transactions and holdings to the Secretary of Agriculture and to direct the Secretary to analyze information contained in such reports and determine the effects such transactions and holdings have, particularly on family farms and rural communities, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE

1. This Act may be cited as the "Agricultural Foreign Investment Disclosure Act of 1978". SECTION

Oct. 14. 1978 [S. 3384]

Agricultural Foreign Investment Disclosure Act of 1978. 7 USC 3501 note.

REPORTING REQUIREMENTS

SEC. 2. (a) Any foreign person who acquires or transfers any Land interests, interest, other than a security interest, in agricultural land shall sub- acquistions or mit a report to the Secretary of Agriculture not later than 90 days transfers. after the date of such acquisition or transfer. Such report shall be 7 USC 3501. submitted in such form and in accordance with such procedures as the Secretary may require and shall contain— (1) the legal name and the address of such foreign person; (2) in any case in which such foreign person is an individual, the citizenship of such foreign person; (3) in any case in which such foreign person is not an individual or a government, the nature of the legal entity holding the interest, the country in which such foreign person is created or organized, and the principal place of business of such foreign person; (4) the type of interest in agricultural land which such foreign person acquired or transferred; (5) the legal description and acreage of such agricultural land; (6) the purchase price paid for, or any other consideration given for, such interest; (7) in any case in which such foreign person transfers such interest, the legal name and the address of the person to whom such interest is transferred and— (A) in any case in which such transferee is an individual, the citizenship of such transferee; and (B) in any case in which such transferee is not an individual or a government, the nature of the legal entity holding the interest, the country in which such transferee is created or organized, and the principal place of business of such transferee; (8) the agricultural purposes for which such foreign person intends, on the date on which such report is submitted to the Secretary, to use such agricultural land; and (9) such other information as the Secretary may require by regulation.

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