South Dakota Codified Laws 47-10-22. Nonstockholder members–Payment before dissolution of corporation
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Upon dissolution of a corporation organized under this chapter, obligations due the nonstockholder members are to be paid in full before any payments are made to the stockholder members.
Terms Used In South Dakota Codified Laws 47-10-22
- 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) (f).