HARRY HUGHES, Governor

3563

(b) The following shall constitute employees subject to the
provisions of this act, except as exempted under subsection (c)
of this section:

(2) Every officer of a corporation rendering
services for the corporation for monetary remuneration except:

(I)  [an] AN officer of a close corporation, as
defined in the Corporations and Associations Article, electing
not to be covered under the provisions of Section 67(4) of this
article.

(II)  AN OFFICER OWNING 20 PERCENT OR MORE OF
THE OUTSTANDING CAPITAL STOCK OF A FARM CORPORATION ELECTING NOT
TO BE COVERED UNDER THE PROVISIONS OF SECTION 67(4) OF THIS
ARTICLE. FOR PURPOSES OF THIS SUBPARAGRAPH (II) A FARM
CORPORATION IS DEFINED AS A CORPORATION THAT DERIVES AT LEAST 75
PERCENT OF ITS INCOME FROM FARM OPERATIONS.

67.

Definitions as used in this article:

(4) (i) If an employer is a partnership, or sole
proprietorship, the employer may elect to include as an
"employee" within the provisions of the act, any member of the
partnership, or the owner of the sole proprietorship, devoting
full time to the partnership or proprietorship business. In the
event of an election, the employer shall serve upon the
employer's insurance carrier and upon the Commission written
notice naming the persons to be covered and a proprietor or
partner may not be an employee within this article until the
notice has been served.

(ii) Any officer of a close corporation, as
defined in the Corporations and Associations Article OR AN
OFFICER OWNING 20 PERCENT OR MORE OF THE OUTSTANDING CAPITAL
STOCK OF A FARM CORPORATION, may elect to become exempt from
coverage as an employee under the provisions of Section 21(b) of
this article. In the event of such an election, the employer
shall serve upon the employer's insurance carrier and upon the
Commission written notice naming the persons electing not to be
covered, and every officer of a close corporation shall be an
employee within this article until such notice has been served.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 29, 1984.