South Dakota Codified Laws 58-5-57. Reduction of capital of stock insurer–Disapproval by director, grounds
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If an amendment of articles of incorporation would reduce the authorized capital stock of a stock insurer below the amount thereof then outstanding, the director shall not approve the amendment if he has reason to believe that the interests of policyholders or creditors of the insurer would be materially prejudiced by such reduction.
Terms Used In South Dakota Codified Laws 58-5-57
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Source: SL 1966, ch 111, ch 16, § 8 (2).