South Dakota Codified Laws 51A-3-5. Sale price of original stock issue or original issue of members’ equity–Excess credited to surplus
Current as of: 2023 | Check for updates
|
Other versions
For a bank organized as a corporation, the original issue of bank stock, and for a bank organized as a limited liability company, the original issue of members’ equity, shall be sold at a price of not less than twenty percent in excess of its par value and paid for in full in lawful money of the United States. The excess over the par value shall be credited on the books of the bank to the surplus.
Terms Used In South Dakota Codified Laws 51A-3-5
- 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 1915, ch 102, art 2, § 2; SL 1917, ch 145, § 1; RC 1919, § 8949; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, § 6.0305; SDCL, § 51-4-4; SL 1969, ch 11, § 3.5; SL 1970, ch 265, § 17; SL 1988, ch 377, § 57; SDCL, § 51-17-5; SL 2004, ch 289, § 8.