South Dakota Codified Laws 47-13B-6. Disposition of shares held by person no longer qualified
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Provisions shall be made requiring any shareholder who ceases to be eligible to be a shareholder to dispose of all his shares forthwith, either to the corporation or to any person having the qualifications prescribed in § 47-13B-5.
Terms Used In South Dakota Codified Laws 47-13B-6
- 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 1971, ch 260, § 1 (5).