South Dakota Codified Laws 47-10-21. Nonstockholder members–Right to share in surplus
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Nonstockholder members of a business development credit corporation shall not share in any surplus of the corporation in excess of the obligations due such nonstockholder members.
Terms Used In South Dakota Codified Laws 47-10-21
- 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) (e).