§ 47-10-1 Purposes of corporations
§ 47-10-2 Powers of corporations
§ 47-10-3 Borrowing–Pledging security for borrowings
§ 47-10-4 Lending–Competition with lending institutions prohibited
§ 47-10-5 Terms and conditions of loans
§ 47-10-6 Purchase and sale of property
§ 47-10-7 Promotion of local development corporations
§ 47-10-8 Participation in federal programs
§ 47-10-9 Lending–Duty to give first opportunity to lending institution
§ 47-10-10 Incorporators
§ 47-10-11 Directors–Number and term of office
§ 47-10-12 Capitalization–Minimum capital before commencing business
§ 47-10-13 Accumulation of surplus–Use of surplus
§ 47-10-14 Persons authorized to hold common stock
§ 47-10-15 First annual meeting–Conditions–Subsequent annual meetings
§ 47-10-16 Classes of members–Stockholder members–Nonstockholder members
§ 47-10-17 Nonstockholder members–Establishment of line of credit
§ 47-10-18 Nonstockholder members–Duty to lend
§ 47-10-19 Nonstockholder members–Right to withdraw–Conditions
§ 47-10-20 Nonstockholder members–Liability for debts
§ 47-10-21 Nonstockholder members–Right to share in surplus
§ 47-10-22 Nonstockholder members–Payment before dissolution of corporation
§ 47-10-23 Legal investments
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Terms Used In South Dakota Codified Laws > Title 47 > Chapter 10 - Business Development Credit Corporations

  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Statute: A law passed by a legislature.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2