South Dakota Codified Laws 47-16-22. Membership stock–Transfer of stock
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The articles of a cooperative may require that members own one or more shares of membership stock. Such stock shall be issued or transferred only to a person eligible to become a member, and only when such person satisfies other requisites for membership. Unless restricted by the articles, stock other than membership stock may be issued or transferred to any person.
Terms Used In South Dakota Codified Laws 47-16-22
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SDC 1939, § 11.1118 (2) as enacted by SL 1965, ch 23, § 1.