South Dakota Codified Laws 47-9A-15. Qualifications of authorized small farm corporation
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As used in this chapter, unless the context otherwise plainly requires, “authorized farm corporation” means a corporation whose shareholders do not exceed ten in number, whose shareholders are all natural persons or estates, whose shares are all of one class, and whose revenues from rent, royalties, dividends, interest, and annuities do not exceed twenty percent of its gross receipts.
Terms Used In South Dakota Codified Laws 47-9A-15
- 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 1974, ch 294, § 3 (2).