South Dakota Codified Laws 47-11E-7. Qualifications of president, directors and officers
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The president of a corporation formed pursuant to § 47-11E-1 shall be a shareholder and director; and, to the extent possible, all other directors and officers shall be persons having the qualifications prescribed in § 47-11E-5. Lay directors and officers may not exercise any authority whatsoever over professional matters.
Terms Used In South Dakota Codified Laws 47-11E-7
- 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 1996, ch 228, § 7.