South Dakota Codified Laws 47-30-1. Fraudulent subscription agreement–Misdemeanor
Current as of: 2023 | Check for updates
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Any person:
(1) Who signs the name of a fictitious person to a subscription for, or agreement to take stock in a corporation, existing or proposed; or
Attorney's Note
Under the South Dakota Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 2 misdemeanor | up to 30 days | up to $500 |
Terms Used In South Dakota Codified Laws 47-30-1
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) Who procures another to sign such subscription or agreement:
(a) Knowing that the other person does not have the means or does not intend in good faith to comply with all the terms thereof; or
(b) Under an understanding or agreement that the terms of the subscription or agreement will not be complied with or enforced;
is guilty of a Class 2 misdemeanor.
Source: SDC 1939, § 13.4307; SL 1983, ch 15, § 47.