South Dakota Codified Laws 47-1A-1431.3. Shareholder right to avoid dissolution by purchase of petitioner shares–Notice
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Within ten days of the commencement of a proceeding under subdivision 47-1A-1430(2) to dissolve a corporation that has no shares listed on a national securities exchange or regularly traded in a market maintained by one or more members of a national or affiliated securities association, the corporation shall send to all shareholders, other than the petitioner, a notice stating that the shareholders are entitled to avoid the dissolution of the corporation by electing to purchase the petitioner’s shares under §§ 47-1A-1434 to 47-1A-1434.7, inclusive and accompanied by a copy of §§ 47-1A-1434 to 47-1A-1434.7, inclusive.
Terms Used In South Dakota Codified Laws 47-1A-1431.3
- 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.
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See South Dakota Codified Laws 47-1A-140
Source: SL 2005, ch 239, § 335.