South Dakota Codified Laws 40-25-3. Stock and membership provisions in articles of association
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The articles of a purebred livestock registry association shall also set forth whether or not interests in the corporation shall be evidenced by shares of stock or by certificates of membership or by both. The articles may provide for the issuance of stock in shares of no par value and in such case shall state the number of shares of such stock issued by the association. The articles may also provide that in lieu of stock, certificates of membership of a value to be fixed by the bylaws may be issued.
Terms Used In South Dakota Codified Laws 40-25-3
- 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.
Source: SDC 1939, § 40.1602.