South Dakota Codified Laws 47-1A-602.1. Terms of class or series determined by board of directors
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If the board of directors acts pursuant to § 47-1A-602, the board shall determine the terms, including the preferences, rights, and limitations, to the same extent permitted under §§ 47-1A-601 to 47-1A-601.2, inclusive, of:
(1) Any class of shares before the issuance of any shares of that class; or
Terms Used In South Dakota Codified Laws 47-1A-602.1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
(2) Any series within a class before the issuance of any shares of that series.
Before issuing any shares of a class or series created under § 47-1A-602, the corporation shall deliver to the Office of the Secretary of State for filing articles of amendment setting forth the terms determined under this section.
Source: SL 2005, ch 239, § 57.