South Dakota Codified Laws 62-1-8. Nonprofit corporation complying with title–Executive officer as employee
Notwithstanding any other provision of this title, any charitable, religious, educational, or other nonprofit corporation which has accepted the provisions of this title may cause any duly elected or appointed executive officer to be an employee of such corporation under this title by specifically including such executive officer among those to whom such corporation secures the payment of compensation in accordance with the provisions of §§ 62-5-1 to 62-5-5, inclusive; and such executive officer shall remain an employee of such corporation under this title while the payment of compensation is so secured. With respect to any corporation of the foregoing description that elects to secure compensation by the means specified in § 62-5-2 or 62-5-3, the specific inclusion of such executive officer in its contract of insurance shall be deemed to cause such executive officer to be an employee of such corporation under this title.
Terms Used In South Dakota Codified Laws 62-1-8
- Contract: A legal written agreement that becomes binding when signed.
- 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: SDC 1939, § 64.0102 (2) (b) as added by SL 1957, ch 495; SL 1959, ch 454.