South Dakota Codified Laws 58-5-64. Stock ownership not a prohibited pecuniary interest
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Any of the persons referred to in §§ 58-5-61 to 58-5-63, inclusive, shall not be deemed pecuniarily interested in any transaction with another corporation in which such person has no pecuniary interest other than ownership of stock or other securities issued by such corporation and representing a relatively trivial interest therein.
Terms Used In South Dakota Codified Laws 58-5-64
- 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.
- 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, § 22 (4).