South Dakota Codified Laws 47-15-1. Definitions
Terms used in chapters 47-15 to 47-20, inclusive, mean:
(1) “Articles,” articles of incorporation;
Terms Used In South Dakota Codified Laws 47-15-1
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) “Cooperative,” a cooperative corporation which is subject to the provisions of chapters 47-15 to 47-20, inclusive;
(3) “Corporation,” a corporation which is not a cooperative;
(4) “Electronic transmission” or “electronically transmitted,” any process of communication not directly involving the physical transfer of paper that is suitable for the retention, retrieval, and reproduction of information by the recipient;
(5) “Entity,” a domestic and foreign corporation, limited liability company, partnership, cooperative or other legal entity, trust, domestic and foreign unincorporated entity or association, and bodies politic;
(6) “Foreign cooperative,” a cooperative association organized and operated on a cooperative basis under the laws of any other state, territory, or possession of the United States, or of the District of Columbia or any foreign state, province, or country;
(7) “Individual,” any natural person;
(8) “Member,” a person who has been qualified and accepted for membership in a cooperative;
(9) “Patron,” any person who purchases products or services provided in the normal course of the business of a cooperative. The term “patron” does not include a telecommunications company which purchases any products or services from a telecommunications cooperative or pays any fees or settlements to a telecommunications cooperative, other than local telecommunications services; and
(10) “Person,” an entity or individual entity.
Source: SDC 1939 § 11.1101; SL 1949, ch 23; SL 1965, ch 23, § 1; SL 1987, ch 342; SL 1994, ch 351, § 120; SL 2018, ch 260, § 1.