South Dakota Codified Laws 47-11-3. Medical license required for all officers, directors, and shareholders
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All of the officers, directors, and shareholders of a corporation subject to this chapter shall at all times be persons licensed pursuant to the Medical Practice Act. No person who is not so licensed shall have any part in the ownership or control of such corporation, nor may any proxy to vote any shares of such corporation be given to a person who is not so licensed.
Terms Used In South Dakota Codified Laws 47-11-3
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Shareholders: includes the members of a limited liability company. See South Dakota Codified Laws 47-11-1.1
Source: SL 1961, ch 29, § 14; SL 1963, ch 34, § 2.