South Dakota Codified Laws 47-22-68.8. Judicial determination that required restrictions would be contrary to charter
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Sections 47-22-68.2 to 47-22-68.7, inclusive, shall not apply to any corporation to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of any instrument described in § 47-22-68.2 and that such instrument may not properly be changed to conform to §§ 47-22-68.2 to 47-22-68.7, inclusive.
Terms Used In South Dakota Codified Laws 47-22-68.8
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Source: SL 1972, ch 244, § 3.