South Dakota Codified Laws 47-1A-120.1. Terms of plan or filed document dependent on extrinsic facts–Applicable provisions
If a provision of this chapter permits any of the terms of a plan or a filed document to be dependent on facts objectively ascertainable outside the plan or filed document, the following provisions apply:
(1) The manner in which the facts will operate upon the terms of the plan or filed document shall be set forth in the plan or filed document;
Terms Used In South Dakota Codified Laws 47-1A-120.1
- 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.
- Dependent: A person dependent for support upon another.
- Entity: includes domestic and foreign business corporation. See South Dakota Codified Laws 47-1A-140
- Person: includes an individual and an entity. See South Dakota Codified Laws 47-1A-140
(2) The facts may include:
(a) Any of the following that are available in a nationally recognized news or information medium either in print or electronically: statistical or market indices, market prices of any security or group of securities, interest rates, currency exchange rates, or similar economic or financial data;
(b) A determination or action by any person, including the corporation or any other party to a plan or filed document; or
(c) The terms of, or actions taken under, an agreement to which the corporation is a party, or any other agreement or document.
For the purposes of this section, a filed document is a document filed with the Office of the Secretary of State under any provision of this chapter except §§ 47-1A-1502 to 47-1A-1601, inclusive, or §§ 47-1A-1621.1 to 47-1A-1701, inclusive, and a plan is a plan of domestication, nonprofit conversion, entity conversion, merger, or share exchange.
Source: SL 2005, ch 239, § 3.