South Dakota Codified Laws 13-49-11. Corporate powers of board–Management of property
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The Board of Regents is, and it and its successors in office shall continue to be, a corporation, or body corporate, with power to sue and be sued, to hold, lease, and manage, for the purposes for which they were established, any property belonging to the educational institutions under its control, collectively or severally, of which it shall in any manner become possessed.
Terms Used In South Dakota Codified Laws 13-49-11
- 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.
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SDC 1939, § 15.0706; SL 1989, ch 155.