South Dakota Codified Laws 47-10-20. Nonstockholder members–Liability for debts
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Nonstockholder members of a business development credit corporation do not assume any liability for the debts of the corporation.
Terms Used In South Dakota Codified Laws 47-10-20
- 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: SL 1957, ch 314, § 5; SDC Supp 1960, § 55.6005 (2) (d).