South Dakota Codified Laws 47-10-23. Legal investments
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Notwithstanding any other statute, the notes or other interest–bearing obligations of any corporation organized under this chapter, issued in accordance with this law and the articles of incorporation and bylaws of the corporation shall be legal investments for the banks, savings and loan associations, trust companies, and insurance companies who become members of the corporation.
Terms Used In South Dakota Codified Laws 47-10-23
- 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.
- Statute: A law passed by a legislature.
Source: SL 1957, ch 314, § 9; SDC Supp 1960, § 55.6009.