South Dakota Codified Laws 47-10-12. Capitalization–Minimum capital before commencing business
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At least twenty–five percent of the capital stock authorized in the articles of incorporation shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to its organization.
Terms Used In South Dakota Codified Laws 47-10-12
- 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.
Source: SL 1957, ch 314, § 3; SDC Supp 1960, § 55.6003.