South Dakota Codified Laws 47-33-13. Redemption of shares in absence of information statement or negative vote byshareholders
Unless otherwise expressly provided in the articles of a domestic public corporation before a control share acquisition has occurred, the domestic public corporation shall have the option to call for redemption of all but not less than all shares referred to in § 47-33-8 acquired in a control share acquisition, at a redemption price equal to the market value of the shares at the time of the call for redemption, in the event:
(1) An information statement has not been delivered to the domestic public corporation by the acquiring person by the tenth day after the control share acquisition; or
Terms Used In South Dakota Codified Laws 47-33-13
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) An information statement has been delivered but the shareholders have voted not to accord voting rights to such shares pursuant to § 47-33-12.
The call for redemption shall be given by the domestic public corporation within thirty days after the domestic public corporation has knowledge of the event giving the domestic public corporation the option to call the shares for redemption and the shares shall be redeemed within sixty days after the call is given.
Source: SL 1990, ch 369, § 206.