All shareholders of a corporation formed under § 47-11A-1 shall be persons duly licensed by the Board of Chiropractic Examiners of the State of South Dakota to practice chiropractic in the State of South Dakota, and who at all times own their shares in their own right. They shall be individuals who, except for illness, accident, time spent in the armed services, on vacations, and on leaves of absence not to exceed one year, are actively engaged in the practice of chiropractic in the offices of the corporation.

Terms Used In South Dakota Codified Laws 47-11A-5

  • 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.
  • Shareholders: includes the members of a limited liability company. See South Dakota Codified Laws 47-11A-1.1

Source: SL 1970, ch 258, § 1 (4).

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