South Dakota Codified Laws 47-23-24. Corporate officers–Appointment and term of office–Ex officio members of board of directors
The officers of a corporation shall consist of a president, one or more vice–presidents, a secretary, a treasurer, and such other officers and assistant officers as may be deemed necessary, each of whom shall be elected or appointed at such time and in such manner and for such terms not exceeding three years as may be prescribed in the articles of incorporation or the bylaws. In the absence of any such provision, all officers shall be elected or appointed annually by the board of directors. If the bylaws so provide, any two or more offices may be held by the same person, except the offices of president and secretary.
The articles of incorporation or the bylaws may provide that any one or more officers of the corporation shall be ex officio members of the board of directors.
Terms Used In South Dakota Codified Laws 47-23-24
- 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.
- Ex officio: Literally, by virtue of one's office.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
The officers of a corporation may be designated by such additional titles as may be provided in the articles of incorporation or the bylaws.
Unless the articles of incorporation or the bylaws so prescribe, officers need not be directors.
Source: SL 1965, ch 24, § 25.