South Dakota Codified Laws 51A-17-2.1. Control defined
For purposes of this chapter, the term, control, means:
(1) The power to vote, directly or indirectly, at least twenty-five percent of the outstanding voting shares or voting interests of a licensee or controlling person;
Terms Used In South Dakota Codified Laws 51A-17-2.1
- Children: includes children by birth and by adoption. See South Dakota Codified Laws 2-14-2
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) The power to elect or appoint a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or controlling person; or
(3) The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or controlling person.
A person is presumed to exercise controlling influence when the person holds the power to vote, directly or indirectly, at least ten percent of the outstanding voting shares or voting interests of a licensee or controlling person. A person presumed to exercise controlling influence as defined by this section may rebut the presumption of control if the person is a passive investor.
To determine the percentage of a licensee or controlling person controlled by any other person, the person’s interest must be aggregated with the interest of the person’s spouse, parents, children, siblings, mothers- and fathers-in-law, sons- and daughters-in-law, brothers- and sisters-in-law, and any other person who shares the person’s home.
Source: SL 2022, ch 178, § 2.