South Dakota Codified Laws 47-1A-1325.1. Notice required upon withholding of payment for after-acquired shares
If the corporation elected to withhold payment under § 47-1A-1325, the corporation must, within thirty days after the form required by subsection 47-1A-1322.1(2)(b) is due, notify all shareholders who are described in § 47-1A-1325:
(1) Of the information required by subdivision 47-1A-1324(1);
Terms Used In South Dakota Codified Laws 47-1A-1325.1
- Appraisal: A determination of property value.
- 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.
(2) Of the corporation’s estimate of fair value pursuant to subdivision 47-1A-1324(2);
(3) That they may accept the corporation’s estimate of fair value, plus interest, in full satisfaction of their demands or demand appraisal under § 47-1A-1326;
(4) That those shareholders who wish to accept such offer must so notify the corporation of their acceptance of the corporation’s offer within thirty days after receiving the offer; and
(5) That those shareholders who do not satisfy the requirements for demanding appraisal under § 47-1A-1326 shall be deemed to have accepted the corporation’s offer.
Source: SL 2005, ch 239, § 296.