South Dakota Codified Laws 21-28-12. Action to vacate corporate charter or articles–Persons entitled to bring action–Grounds
An action may be brought by any state’s attorney in the name of the state or by any person who has a special interest in the action, on leave granted by the circuit court or judge thereof, for the purpose of vacating the charter or articles of incorporation, or for annulling the existence of corporations other than municipal, whenever such corporation shall:
(1) Offend against any of the laws creating, altering, or renewing such corporation;
Terms Used In South Dakota Codified Laws 21-28-12
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) Violate the provisions of any law, by which such corporation shall have forfeited its charter or articles of incorporation by abuse of its power;
(3) Have forfeited its privileges of franchises by a failure to exercise its powers;
(4) Have done or omitted any act which amounts to a surrender of its corporate rights, privileges, and franchises;
(5) Exercise a franchise or privilege not conferred upon it by law.
Source: CCivP 1877, § 532; CL 1887, § 5346; RCCivP 1903, § 571; RC 1919, § 2782; SL 1919, ch 289, § 2; SDC 1939 & Supp 1960, § 37.0502.