South Dakota Codified Laws 51A-3-23. Extension of charter
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Within one year prior to the expiration of the period for which it was incorporated a bank may, with the approval of at least a majority of the capital stock of such corporation, extend its corporate existence for an additional period, not to exceed twenty years, by amending its articles of incorporation as provided in § 51A-3-22.
Terms Used In South Dakota Codified Laws 51A-3-23
- 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 1903, ch 80, §§ 1 to 3; RC 1919, § 8964; SDC 1939, § 6.0308; SL 1941, ch 16; SDCL, § 51-3-10; SL 1969, ch 11, § 3.20; SL 1972, ch 254; SL 1980, ch 332, § 1; SDCL, § 51-17-22.