South Dakota Codified Laws 47-1A-732.1. Form, approval, amendment, and term of shareholder agreements
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Any agreement authorized by § 47-1A-732 shall be:
(1) Set forth in the articles of incorporation or bylaws and approved by all persons who are shareholders at the time of the agreement, or in a written agreement that is signed by all persons who are shareholders at the time of the agreement and is made known to the corporation;
Terms Used In South Dakota Codified Laws 47-1A-732.1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) Subject to amendment only by all persons who are shareholders at the time of the amendment, unless the agreement provides otherwise; and
(3) Valid for ten years, unless the agreement provides otherwise.
Source: SL 2005, ch 239, § 117.