South Dakota Codified Laws 47-22-68.2. Restrictive provisions as to income and property deemed incorporated in foundationcharter
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Any instrument creating a corporation which is a private foundation and any instrument governing the use, retention, or disposition by such corporation of any of its income or property shall be deemed to have incorporated within such instrument with the same effect as though such language were set forth verbatim in such instrument the provisions set forth in §§ 47-22-68.3 to 47-22-68.7, inclusive, and except as the contrary is provided in §§ 47-22-68.8 and 47-22-68.9, such provisions shall govern the corporation as to the use, retention, and disposition of its income and property irrespective of any provisions of any such instrument, statute, or other law of this state to the contrary.
Terms Used In South Dakota Codified Laws 47-22-68.2
- 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.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Statute: A law passed by a legislature.
Source: SL 1972, ch 244, § 2.