South Dakota Codified Laws 47-10-17. Nonstockholder members–Establishment of line of credit
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Each nonstockholder member of a business development credit corporation shall establish a line of credit to the corporation as determined in the articles of incorporation.
Terms Used In South Dakota Codified Laws 47-10-17
- 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, § 5; SDC Supp 1960, § 55.6005 (2) (a).