South Dakota Codified Laws 47-24-3. Shares of stock prohibited–Dividends and profits prohibited
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A corporation shall not have or issue shares of stock. No dividend shall be paid and no part of the income or profit of a corporation shall be distributed to its members, directors, or officers.
Terms Used In South Dakota Codified Laws 47-24-3
- 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 1965, ch 24, § 28.