South Dakota Codified Laws 49-30-13. Board of directors–Election–Terms of office–Director as stockholder
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There shall be a board of not less than three nor more than thirteen directors of every corporation organized under this chapter to manage its affairs, who shall be elected at the time, in the manner and for the terms as are prescribed by its bylaws, and shall hold their offices until the respective successors are chosen. No person may be a director unless the person is a stockholder, owning stock absolutely in the person’s own name or as a trustee or personal representative, and qualified to vote at the election at which the person is chosen.
Terms Used In South Dakota Codified Laws 49-30-13
- 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
- Trustee: A person or institution holding and administering property in trust.
Source: SDC 1939, § 52.1305; SL 1943, ch 178; SL 1955, ch 227, § 1; SL 2018, ch 265, § 2.