An insurer may not invest in or hold at any one time more than ten percent of the outstanding voting stock of any corporation, except with respect to voting rights of preference stock during default and of dividends; this section does not apply to stock of a majority owned subsidiary of the insurer or to controlling stock of an insurer acquired under §§ 58-27-24 to 58-27-26, inclusive.

Terms Used In South Dakota Codified Laws 58-27-54

  • 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 1966, ch 111, ch 6, § 5 (2); SL 1983, ch 376, § 7.

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