South Dakota Codified Laws 47-1A-955.1. Effect of conversion of domestic business to a foreign other entity
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When a conversion of a domestic business corporation to a foreign other entity becomes effective, the surviving entity is deemed to:
(1) Appoint the Office of the Secretary of State as its agent for service of process in a proceeding to enforce the rights of shareholders who exercise appraisal rights in connection with the conversion; and
Terms Used In South Dakota Codified Laws 47-1A-955.1
- 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.
- Entity: includes domestic and foreign business corporation. See South Dakota Codified Laws 47-1A-140
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See South Dakota Codified Laws 47-1A-140
- Service of process: The service of writs or summonses to the appropriate party.
(2) Agree that it will promptly pay the amount, if any, to which such shareholders are entitled under §§ 47-1A-1301 to 47-1A-1331.2, inclusive.
Source: SL 2005, ch 239, § 231.