South Dakota Codified Laws 58-40-1. Incorporators, number required–Purpose of incorporation
Five or more natural persons of full age and of either sex, all of whom are residents of this state and citizens of the United States, may form, under the provisions of the laws of this state relating to benevolent corporations, so far as those provisions are applicable and are not inconsistent with the provisions of this chapter, a nonprofit hospital service plan corporation for the purpose of establishing and operating a nonprofit hospital service plan, whereby hospital service may be provided by one or more hospitals with which such corporation has a contract for such purpose, to such of the public as become subscribers to said corporation under a contract which entitles each subscriber to certain hospital care.
Such corporation shall be governed by this chapter and shall be subject to regulation and supervision by the director as hereinafter provided.
Terms Used In South Dakota Codified Laws 58-40-1
- 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.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
Source: SL 1966, ch 111, ch 21, § 14.