South Dakota Codified Laws 47-10-9. Lending–Duty to give first opportunity to lending institution
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The corporation shall lend money only when credit is not elsewhere readily available. Before granting any loan, the board of directors or a committee thereof shall endeavor, so far as is reasonably possible, to ascertain that the first opportunity to grant such loan has been given to lending institutions which may desire such loans generally in the course of their business.
Terms Used In South Dakota Codified Laws 47-10-9
- 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, § 7; SDC Supp 1960, § 55.6007.