South Dakota Codified Laws 47-1A-603.1. Outstanding shares–Shares with unlimited voting rights and entitled to receipt of net assets upon dissolution required
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At all times that shares of the corporation are outstanding, one or more shares that together have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation upon dissolution must be outstanding.
Terms Used In South Dakota Codified Laws 47-1A-603.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 2005, ch 239, § 59.