South Dakota Codified Laws 47-10-18. Nonstockholder members–Duty to lend
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All calls of funds which nonstockholder members of a business development credit corporation are committed to lend to the corporation shall be prorated by the corporation among the nonstockholder members in the same proportion that the individual lines of credit bear to the aggregate line of credit.
Terms Used In South Dakota Codified Laws 47-10-18
- 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) (b).