South Dakota Codified Laws 47-26-3. Dissolution by board of directors in corporation without members entitled to vote
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Where there are no members, or no members entitled to vote thereon, the dissolution of the corporation shall be authorized at a meeting of the board of directors upon the adoption of a resolution to dissolve by the vote of a majority of the directors in office.
Terms Used In South Dakota Codified Laws 47-26-3
- 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.
Source: SL 1965, ch 24, § 47 (2).