South Dakota Codified Laws 47-14A-5. Liability of beneficial owners
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Except to the extent otherwise provided in the governing instrument of the business trust, the beneficial owners are entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the state.
Terms Used In South Dakota Codified Laws 47-14A-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.
Source: SL 2001, ch 245, § 5.