South Dakota Codified Laws 58-30-169. Unreported knowledge by partners, officers, or managers of violation as grounds for penalty
Current as of: 2023 | Check for updates
|
Other versions
The license of a business entity may be suspended, revoked, refused, or the director may accept a monetary penalty in accordance with § 58-4-28.1, or any combination thereof, if the director finds, after hearing, that an individual licensee’s violation was known or should have been known by one or more of the partners, officers, or managers acting on behalf of the partnership or corporation and the violation was neither reported to the director nor corrected.
Terms Used In South Dakota Codified Laws 58-30-169
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Source: SL 2001, ch 286, § 29.