South Dakota Codified Laws 58-5-47. Bylaws of domestic stock insurer–Adoption, modification, and revocation
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Before commencing business, the initial board of directors of a domestic stock insurer shall adopt bylaws which shall be subject to the approval by a two–thirds vote of the stockholders present in person or by proxy at the next succeeding stockholders’ meeting. Stockholders shall have the power to make, modify, or revoke bylaws by a two–thirds vote of those stockholders present in person or by proxy at a stockholders’ meeting.
Terms Used In South Dakota Codified Laws 58-5-47
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1966, ch 111, ch 16, § 17 (1).