South Dakota Codified Laws 42-7A-6. Investigation of vendors
Current as of: 2023 | Check for updates
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Before a contract for a major procurement is awarded, the executive director shall conduct a thorough background investigation of the vendor, any parent or subsidiary corporation of the vendor, all shareholders of five percent or more interest in the vendor or parent or subsidiary corporation of the vendor, and all officers and directors of the vendor or parent or subsidiary corporation of the vendor to whom the contract is to be awarded. The vendor shall submit appropriate investigation authorizations to facilitate this investigation. The executive director may require any additional information from the vendor that is considered appropriate to preserve the integrity and security of the lottery.
Terms Used In South Dakota Codified Laws 42-7A-6
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Source: SL 1987, ch 313, § 6.